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Gadsden council approves sales-tax rebates to attract Rural King, 7 Brew and Zaxby’s
Summary
The Gadsden City Council unanimously approved agreements to support a Rural King store and two restaurant franchises using a portion of the city’s sales-tax revenue as rebates and a revenue warrant; city leaders said the deals are expected to create jobs and spur redevelopment.
GADSDEN, Ala. — The Gadsden City Council on Tuesday approved a package of economic development agreements the council and mayor said will bring a Rural King retail store and two restaurant franchises to the city, financed in part by sharing a small portion of city sales-tax receipts.
City leaders said the largest of the three deals will fund an Alabama Rural King shopping center on North Third Street through a revenue warrant secured by the city’s sales-tax receipts. The city agreed to share 2.25 percentage points of its 5% local sales tax for up to 15 years, not to exceed $7,753,144, the ordinance adopted by the council says.
The council also adopted two resolutions to grant sales-tax rebates of 2% of the city’s 5% sales tax to developers of two restaurant sites — a 7 Brew…
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