Scottsboro, Ala., officials have taken an unusual step to woo another retailer into the former Food World building now owned by Second Street Plaza LLC.
Scottsboro City Council members in September approved a redevelopment and reimbursement agreement with Second Street Plaza LLC that provides up to $500,000 in sales tax rebates over the next 10 years. Under the proposed agreement, the company will get 50 percent of the city’s portion of sales tax revenues collected annually by the tenant or tenants of the property, up to $50,000 each year.
Mayor Melton Potter said the agreement has to pass muster with a Circuit Court review, but a future for the former Food World building is at the end of that road.
Potter said the incentive agreement with the company stipulates that annual sales tax collections from the site that exceed the $50,000 cap for the year will go to the city.
Brent Federick, co-owner with Myles Harris of Ridgeland, Miss.-based Second Street Plaza, said the interior demolition was just completed and the naming of a “national retailer” as the new tenant could be just weeks away.