<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=4aYTYT_1Glo86hl00" alt="https://img.particlenews.com/image.php?url=4aYTYT_1Glo86hl00" width="1920" height="548" >MADISON — City officials are moving forward with a tax increment financing (TIF) plan to issue up to $11.741 million in bonds to support "The Gallery," a proposed $59.2 million mixed-use entertainment, retail, and dining development along Galleria Parkway. The development will sit on about 24.8 acres between Galleria Parkway and Interstate 55, just north of Highway 463 / Main Street. Plans include Spinners Family Entertainment Center — an attraction featuring family entertainment options with an existing location in Florence — alongside walkable outdoor spaces, restaurants, and retail establishments. Madison Mayor Mary Hawkins-Butler said the city welcomes the project and its anticipated offerings. “Our citizens really wanted more shopping and something for the children,” Hawkins-Butler said.The TIF plan authorizes the city to issue up to $11,741,000 in TIF revenue bonds or notes to finance public and site infrastructure, including water, sanitary sewer, drainage improvements, roadways, sidewalks, surface parking, lighting, traffic signals, and utilities. Under the financing structure, debt service on the bonds will be secured by a pledge of 100% of the city’s diverted sales tax revenues generated within the district (excluding sales taxes generated by the Spinners facility itself), alongside up to 75% of the city’s incremental ad valorem property tax revenues. If Madison County participates, up to 75% of the county’s ad valorem tax increment may also be pledged. Incremental school district taxes are legally excluded and cannot be pledged to service the bonds. Additionally, the developer — Bellamare Development, LLC — will enter into a taxpayer agreement providing additional security and debt service backing, including a lien on eligible property within the district to insulate taxpayers from pecuniary liability. The Mayor and Board of Aldermen will conduct a formal public hearing on the proposed TIF plan at 9 a.m. on Tuesday, Nov. 10, in the City Hall boardroom at 120 Montgomery Street. Citizens will hear a presentation from the developer, ask questions, and submit comments before the board considers final adoption. Madison County has also been invited to join the plan and has a public hearing slated for Nov. 16. Dirt work at the Galleria site is already underway. Madison City Attorney Chelsea Brannon noted that the city intends to execute necessary development and reimbursement agreements promptly once the plan is adopted and bonds are ready to be structured.“I think the city would want to start as soon as possible,” Brannon said. “We are looking forward to this development.”</div></body>

Block Source: Madison County Journal

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MADISON — City officials are moving forward with a tax increment financing (TIF) plan to issue up to $11.741 million in bonds to support "The Gallery," a proposed $59.2 million mixed-use entertainment, retail, and dining development along Galleria Parkway. The development will sit on about 24.8 acres between Galleria...

Madison to hold hearing on up to $11.741 million in TIF bonds for retail and dining development

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MADISON — City officials are moving forward with a tax increment financing (TIF) plan to issue up to $11.741 million in bonds to support "The Gallery," a p

Madison to hold hearing on up to $11.741 million in TIF bonds for retail and dining development

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