TUSCALOOSA, Ala. (WBRC) – The much talked about economic project on the former McFarland Mall property is moving forward after Tuscaloosa city leaders voted to approve a financial incentives package.
First, all the paperwork has to be signed by businesses committed to coming to that property. Once that’s done, developer Stan Pate expects movement in a few months.
Pate is eager to get on with developing what used to be the McFarland Mall property at the corner of Skyland Boulevard.
“We’ve been working for the entire year, a little longer,” said Pate.
“We’re very thrilled,” said Tuscaloosa City Council President Kip Tyner.
Tyner is certain this is a ‘win-win’ for both sides. The financial incentives package is worth around $65 million, but it’s an unusual set up. In short, the city agreed to forfeit future tax revenues until year 2048.
“There is no tax involved. We’re not having to go to the bond market. Right now, we’re getting about $300 per month. It’s insane how long. We’re getting practically nothing on that property. So, you’re really not missing anything,” said Tyner.
Tyner encourages residents to consider the long term view of what’s coming to what will be known as ‘Encore.’
“What you gain are great shopping opportunities, lodging, restaurants that people have been wanting for so many years,” said Tyner.
“First of all, when you hear that number that’s over 23 years. You have to look at the present value. Not nearly as big of a number because today it’s zero,” said Pate.
In terms of what is actually coming to the property, there are confidentiality agreements in place, but Tyner teased it a bit saying it’s not anything in Tuscaloosa right now.
“A major hotel we do not have in Tuscaloosa, a secondary hotel and three restaurants.. all of these will be new to the market,” said Tyner.
“A combination of hotels, retail and ice cream shops,” said Pate.
Stan Pate estimates by the time everything is built and all the tenants are in place, that corner will employ around 2,000 people with an overall investment of at least $100 million.
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