The Athens city council on Monday approved a wave of new retail and restaurant developments for the north Alabama city that the mayor said points to the city’s growth.
Additionally, the projects come with tax and financial reduction incentives. Together, the projects are expected generate more than 300 new jobs and more than $28million in annual sales.
The city council approved three developments that include retail offerings.
“We’re a growing community, and as we grow, we’ll see opportunities like this presented to us from developers and companies who have an interest in investing in our city,”Ronnie Marks, Athens Mayor, stated in a statement. “Sales tax makes up about 40 percent of our revenue to fund police, fire, sanitation, parks, paving and other services. The more options we can provide in Athens from small business to major chains, the less sales tax dollars leave our city.”
One development is the Noon Athens Project. The project will include TJ Maxx and Old Navy as well as Ross Dress for Less, Ulta Beauty, Ulta Beauty, Ross Dress for Less, Ross Dress for Less, Ulta Beauty, and Five Below. The businesses will provide 125 jobs, according to the city’s announcement, and about $20 million annually in taxable sales.
The development will be on U.S. 72, just east of I-65.
Developers will receive $6 million in incentives from the city – the first $2 million after all five stores open and $2 million each after the first and second years of operation.
The Ming CRE Group Project is another development. It will be home to Chicken Salad Chicks, Ace Hardware, Valvoline, as well as a 2.5-acre site for additional retail. These outlets will create 165 jobs and $6.5 million in annual tax sales. They are located at U.S.72 and Bab Daly Road.
The incentive package includes reimbursement of sales taxes generated from new retail within six years or until $800,000. The city will also make public infrastructure improvements with new turn lanes on U.S. 72 at the development’s entrance and improvements at the nearby Greenfield Drive intersection as well as extension of water, sewer, gas and electric services.
The final development is a Jack’s family restaurant by LP Project. The Jack’s will be located at U.S. 72 and Lucas Ferry Road, provide 50 jobs and $1.8 million in annual taxable sales. The developer will receive a reimbursement for the sales tax generated by the restaurant for five year or until $200,000 is refunded, whichever comes first. The city will also increase the number of turn lanes on U.S.72 to accommodate the project.
Updated today, June 7, 2022 at 2:48 pm. To clarify, these are taxable sales.