Jun. 26—The city of Cullman signed off on a $1.2 million tax rebate Monday, June 24, for a national retail development which could revitalize one of the area’s major shopping centers. The move echoed similar measures approved by the Cullman County Commission Tuesday, June 18.
Both city and county officials have remained cautious about naming the development referred to simply as the “Sporting Goods Store Project,” in legal documents, but said it will involve the construction of a 55,000 square/foot, stand alone retail store to the Kind Edward Plaza near Walgreens Pharmacy and is predicted to create roughly 80 new jobs.
While the shopping center has seen some levels of rejuvenation in recent years with the addition of Buffalo Wild Wings and the relocation of the Taco Bell franchise, it has lacked a large anchor retail store since Walmart relocated to its current location on Olive Street.
According to a legal notice from the Cullman County Commission the project will “enhance the prosperity, contentment and general welfare of the county and its residents by, among other things, (i) aiding in the elimination and remediation of blight and similar effects resulting from underuse of the Site; (ii) promoting enhancement and adaptive reuse of a high-visibility area of the County; (iii) bringing substantial commercial activity to an under developed area and fostering the use and development of underutilized commercial properties around the Site; (iv) helping improve the appearance and vibrancy of undeveloped areas of the County; (v) expanding commercial activity within the County; (vi) facilitating the growth and development of commercial sites and developments around the Site; (vii) supporting and expanding industrial and economic development within the County; and (viii) expanding jobs and employment opportunities within the County.”
Under the terms of the agreement, the city and county will forego 50 percent of new sales tax revenues generated by the development until $2 million has been generated or 10 years after the store has opened. Whichever of the two occurs first will trigger the termination of the agreement. The city of Cullman’s portion of the sales tax will total just under $1.2 million while the county’s will be $833,000.
Both parties will continue to collect 100 percent of their education tax revenues.
The agreement falls under Amendment 772 to the Alabama Constitution which states governing bodies of cities and counties may “lend its credit to or grant public funds and things of value in aid of or to any individual, firm, corporation, or other business entity, public or private, for the purpose of promoting the economic and industrial development of the county or the municipality.”
The business entities and individuals to whom or for whose benefit the county proposes to lend its credit or grant public funds or thing of value are the Developer, the owners of which include Judy K White Trust, Karen L. Drinkard Trust, Natalie Smith-GR Trust, Tracy Smith Trust, Juliet Swann Trust, S. Michele Drinkard Trust, Drinkard Development LLC (RHD), Roy H. Drinkard, and Jason Grimmett Trust.
No timeframe has been provided as to when construction on the property will begin, but surveyors seen at the location Tuesday, June 25, confirmed they were involved with the project.
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