Bass Pro incentive

A key component in the deal agreed upon two years ago by local governments and the Retirement Systems of Alabama in an economic development package is for a tourist attraction to be built at Veterans Park.

It appears the leading contender for the tourist attraction is a Bass Pro Shops store, but whether Florence can recoup a proposed $20 million incentive package to lure the store is debatable.

A study commissioned by Florence Mayor Bobby Irons and the Shoals Economic Development Authority, conducted by three professors at the University of North Alabama, suggests the city would lose $14 million over 15 years through the incentive. The city is considering providing $17.9 million to pay for construction of the store. With interest over 15 years figured in, the total cost would be $20 million. The city would receive 2 percent of annual gross sales as a lease payment.

Why build a retail store in Veterans Park? It's part of the economic development package agreed upon by governments in Colbert and Lauderdale counties and the Retirement Systems of Alabama. RSA provided millions of dollars to build two Robert Trent Jones Golf Trail courses in Colbert County and a four-star Marriott hotel in Florence, which is across the road from Veterans Park. Colbert and Lauderdale are paying a percentage of the cost through a 2 cents per gallon gasoline tax that will end when bonds are retired. The Marriott complex takes in the once-closed Renaissance Tower, which now includes a revolving up-scale restaurant at the top, and the former Florence Conference Center, both of which are now managed by Marriott.

The city of Florence already has set aside $2 million for infrastructure in the park.

Irons and David Bronner, chief executive officer of RSA, said last week the study did not encompass the full scope of what is being discussed for the park. Irons said a private developer has entered the picture, which could alter long-term expectations for sales tax collections and a tourist attraction. Bronner indicated that other developments are being discussed, but did not want to talk about specifics.

The worrisome aspect of the UNA study is that the Bass Pro Shops is being touted as a tourist destination, but in the area from which customers would be drawn, there is not enough disposable income to support it. That, coupled with the fact that there are already Bass Pro Shops in Nashville and Memphis and another being discussed for the Birmingham area, makes the Veterans Park venture appear risky.

But the stores have a reputation for attracting shoppers from a wide area, and Bronner, so far, seems convinced opening one in Veterans Park is a good idea.

For now, the wisest course of action is to not be hasty. After the other developments Irons and Bronner have hinted at are revealed, then a decision can be made.