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Council approves long-term ground lease for Crossplex site; members seek more due diligence
Summary
Council approved a 50-year ground lease (with nine 5-year renewal options) and up to $5.875 million in city infrastructure funding for redevelopment of land adjacent to the Birmingham Crossplex after intense debate over term length, market studies and traffic impacts.
After extended debate, the Birmingham City Council voted to authorize a redevelopment ground lease for roughly 38 acres adjacent to the Birmingham Crossplex on Bessemer Road.
Under the agreement the Urban Community Development Consortium LLC will lease the property from the city for a 50-year initial term with nine 5-year extension options; the lease includes staged base rent (first 5 years $5,000 per year, years 6–25 $7,500 per year, years 26–50 $10,000 per year) and a percentage rent equal to 5% of gross receipts from subleasing. The city…
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