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Developers ask Homewood to reset timeline for $3.5 million Piggly Wiggly tax-incentive payments
Summary
Representatives for the Piggly Wiggly redevelopment asked council to restructure the previously approved tax-incentive agreement to accommodate a partner change and construction delay; the council carried the item over to allow staff to receive documents and schedule a public hearing.
Representatives for the Piggly Wiggly project told the Homewood City Council on Feb. 2 that the redevelopment’s financing partners have changed and that the developer needs an amended schedule to reach a previously agreed $3,500,000 in tax-incentive payments.
Marie Lehi and Charles Terry said the amount the city agreed to remain unchanged; the request is a restructuring of the schedule so the developer has time to meet the payment conditions after construction delays. Lehi told the council a partner in the development asked for additional review of the deal, which slowed final execution.
Lehi said the developers hope to be under construction by June or July but had not yet finalized documents for an amended agreement. City staff confirmed the amendment would require a public hearing; staff said public-notice rules require at least a week between publication and the hearing date.
Councilors directed staff and the developers to work with the city attorney, and they carried the request over until documents could be prepared and distributed. No amendment was approved at the meeting.
Ending: Council members said they want complete documentation before setting a public hearing and will revisit the amended agreement at a subsequent meeting once the paperwork is submitted to staff.
