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Hoover council approves development deal for Village at Brock's Gap Phase 2 with tax-revenue sharing
Summary
City council approved a development agreement for Village at Brock's Gap Phase 2, a roughly 79,000 sq ft retail/office project that includes a 50% net-new sales-tax revenue share for 10 years with a $5 million cap; the deal requires a designated fine-dining anchor and forbids tenant 'poaching.'
The Hoover City Council on its regular meeting approved a development agreement with TVBG 2 LLC to advance Phase 2 of the Village at Brock’s Gap, a mixed retail and office project at the corner of Stadium Trace Parkway and Brock’s Gap Parkway.
Staff and the developer described the project as about 79,000 square feet of retail and office space. Patrick Denny, the developer, said the center targets primarily sales-tax-generating tenants and estimated annual sales of about $30 million to $40 million, with total developer…
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