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Follow the money

The city of Prattville is borrowing $48 million to pay for an incentives package to land retail interests in east Prattville. The package includes:

Roadwork: $5.5 million to improve and redesign the intersection of Cobbs Ford and Redfield roads
Buy land $8 million to help pay for land where the Bass Pro Shops will go. The sporting goods company will build a 100,000 square-foot store.
New conference center $4.8 million to help pay for the construction of at least an 8,000 square-foot conference center next to the Legends Hotel near the Capitol Hill Golf Course. The conference center will be operated by the Retirement Systems of Alabama, which also owns the golf course and hotel. The conference center will have at least one room that can accommodate a seated dinner for 300.

Shopping centers $7.5 million to help pay for land where a 400,000 square- foot shopping center will go in the southwest corner of the Cobbs Ford/Redfield Road intersection. The development likely will have a Target store as an anchor.
$15 million to purchase land where a 450,000 square-foot shopping center will go across the road with Bass Pro Shops as one of its anchors. The package also includes infrastructure improvements at both sites.

The total is about $40.8 million. The city also plans to borrow the first two year's worth of bond payments, which brings the total to about $48 million. The city is borrowing the first two year's payments to make sure it can meet its obligations and give the stores time to produce tax revenue.

Source: Documents filed at Prattville City Hall.