City and developer update Town Madison infrastructure agreements
MADISON – City officials have negotiated terms with developers of the Town Madison project in securing a destination venue with AA baseball as an anchor.
Madison Mayor Paul Finley was optimistic in the latest announcement about the largest mixed-use, residential, retail and entertainment district that the city has ever pursued. Finley’s message included the Town Madison Infrastructure Agreement, containing updated versions of two key documents, “Amended and Restated Funding Agreement” and “Amendment No. 1 to Indenture.”
“Completing this last piece of the puzzle solidifies our ability in bringing AA baseball to Madison. It’s exciting to think that in two years’ time, we will have a premiere destination multi-use venue that will attract visitors from all of North Alabama and Southern Tennessee,” Finley said.
Within the terms, the city agrees to support the district’s new funding request at $40 million, increased by $18 million from original $22 million. The agreement also details a 5.47-percent interest rate, down from the original 10 percent. Interest that has been accruing since 2014 at 10 percent will be recalculated at the new 5.47 percent rate, Finley said.
Additionally, revenue generated from Town Madison would go directly to help with the city’s venue bond payment. In the agreement, the developer (Louis Breland) has responsibility to handle construction and installation of infrastructure, including the full I-565 interchange, venue parking lot, perimeter road, sewer lift station and other key infrastructure to support the venue.
“This agreement clears the way for a state-of-the-art baseball stadium and multi-use venue at Town Madison and allows us to complete the infrastructure needed to create a truly regional retail and entertainment destination,” Louis Breland said.
“We have already begun construction on over $100 million of new projects at Town Madison and the addition of a modern baseball stadium will help make Town Madison North Alabama’s destination for new restaurants, entertainment options and retailers,” Breland said.
The Town Madison Infrastructure Agreement will be presented to City Council for consideration at its March 12 meeting at 6 p.m.