HOOVER, Ala. (WBRC) - Hoover city leaders approved tax incentives Monday evening, July 13, that could help bring new healthcare options and entertainment venues to Stadium Trace Village.During the city council meeting, the council approved $4 million to address stormwater issues in the area and $28 million in tax incentives for the developer over the next 20 years.“The bottom line is this thing has to perform to get $28 million. The school system over the 20 years is going to end up with about $25 million,” said Hoo...
HOOVER, Ala. (WBRC) - Hoover city leaders approved tax incentives Monday evening, July 13, that could help bring new healthcare options and entertainment venues to Stadium Trace Village.
During the city council meeting, the council approved $4 million to address stormwater issues in the area and $28 million in tax incentives for the developer over the next 20 years.
“The bottom line is this thing has to perform to get $28 million. The school system over the 20 years is going to end up with about $25 million,” said Hoover Mayor Nick Derzis. “We love that for our schools and, again, another amenity for the citizens of Hoover.”
Hoover City Administrator Brian Muenger praised Phase One of Stadium Trace Village. He said, “Stadium Trace Phase One has absolutely been a great success for the city for the last six years as its built out.”
Developer Broad Metro said Stadium Trace Village brings in more than 3.5 million visitors every year and has created more than $252 million in taxable revenue since 2019.
Muenger said Phase Two would be a complete redevelopment of all remaining acreage.
“That is something that has been talked about many times in a few different ways. Phase Two would be a complete redevelopment of all the remaining acreage,” Muenger said.
The developer is proposing:
“That is a public green space and amphitheater concept,” Muenger said.
The Hoover City Council approved those $28 million in tax incentives, mostly through long-term tax rebates on sales, lodging and construction, plus a one-time $4 million payment up front to help fund stormwater improvements.
Muenger said the development would also benefit the school system.
“A majority of our property tax goes to benefit our school system, who would, over the first five years as this development comes into fruition, realize a taxable stream in excess of a million dollars a year,” Muenger said.
Developers said the expansion could bring more than 300 construction jobs and 500 permanent jobs.
Leaders are voting on a tax incentive package for phase two of Stadium Trace Village in Hoover and the public can weigh in. Your Shelby County Reporter Brady Talbert has the details here. #WBRCnews #StadiumTraceVillagevote #StadiumTraceVillagephasetwo
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