On July 30, the Mountain Brook City Council approved a $14 million incentive from the city for the Lane Parke development to be built in Mountain Brook Village. The council chambers were full the night of the meeting, and many citizens voiced concerns about the potential agreement.
Representatives from Daniel Corporation said that city funding is critical to secure finalizing from other sources.
City council members cited how the city had entered similar agreements with the developers of Cahaba Village and the Publix shopping center on Overton Road.
The city will reimburse the developer for $4 million of street improvements and will be paid as the work is completed.
The remaining $10 million will be a tax abatement/revenue sharing plan for over 20 years. If the project does not earn this amount during this time period, then the city will not give it to them.
