Quick summary — The latest on East Bend: Another OK on the project; no anchors named yet: Wright Ledbetter and Ledbetter Properties met with the city of Rome’s Redevelopment Agency on Friday to discuss the nearly 20-acre redo scheduled for the Kmart site off Turner McCall and Hicks Drive. Agency members blessed the Tax Allocation District request, a formal step as it goes before the City Commission a week from Monday. What we didn’t hear: Any updates on projected new retailers and restaurants (nearly 30 in all) planned for the site. A new target date is out for completion of construction: October 2020, plenty of time for the Christmas shopping season that year. It had been August of that year. You can read our “guestimates” here.
From WRGA: (full story)
Members of the Rome Redevelopment Agency heard additional details regarding the East Bend development proposed for the old Kmart site on Friday. The city’s fourth Tax Allocation District would include four parcels consisting of 19.74 acres at Hicks Drive and Turner McCall Boulevard.
Ledbetter Properties is asking for a TAD reinvestment of $1,968,465 payable over 15 years. The stand alone “Pay As You Go” TAD equals 8% of the total redevelopment budget.
According Wright Ledbetter, the TAD narrows the feasibility gap, enabling the required return on costs to be achieved by year six. Ledbetter added the anchor stores they are in negotiations with would all be new to the Rome market.
The development has a potential for 20 to 28 new retail, restaurant and service businesses, bringing 450 new jobs.
Ledbetter said the TAD investment would pay for itself in about two years and the estimated new sales taxes to the city, county, schools and Special Purpose Local Option Sales Tax initiatives would be approximately $1,000,000 annually. The proposed timeline for the project would see the TAD process completed by June 1 with the closing on the purchase of the property on July 1.
The developers hope to have all permits and begin site work Aug.1 with construction being completed by October 2020. Ledbetter added that the project is not just a “tear down and rebuild,” it’s a totally new development.
The redevelopment agency approved the request. A Resolution to create the fourth tax allocation district will be voted on by the Rome Commission at their May 13 meeting.