Mall considered to complement Bass Pro

FLORENCE -- An outlet mall is one retail concept being considered as the complementary piece to a proposed Bass Pro Shops development in Veterans Park.

City officials are weighing the feasibility of providing money -- as much as $20 million -- to lure Bass Pro to the Shoals.

The giant outdoors business has become a tourist attraction in many communities, particularly in the Southeast.

Bass Pro could become the attraction needed at Veterans Park to complete a package in the economic development project involving Shoals governments and the Retirement Systems of Alabama.

An economic feasibility study conducted by three professors at the University of North Alabama, however, indicates the city could lose up to $14 million on the investment over 15 years.

Florence Mayor Bobby Irons said the study did not take into consideration other possible developments that would surround Bass Pro. He said that information was not available at the time the study was conducted.

He has now confirmed that a developer is interested in a pro-ject in conjunction with Bass Pro. Irons has said the whole puzzle would make the investment much more attractive than the study indicates.

Outlet malls that house brand name stores such as Nike and Tommy Hilfiger are in numerous cities, including Foley, Boaz, Bessemer, Tunica, Miss., and others.

Irons said another study would be commissioned to include the investment of a private developer. He did not reveal when the study would be conducted.

Some council members have said they believe the city might have to devote far less incentive money if other retail comes on board.

One of those is council President Leland Howard.

"It could mean less outlay for the city and would enhance the sales tax to the city," he said.

Still, Howard, like most other council members, said he needs more information before making a decision.

"We'd have to have a return on the investment that would amortize the debt," Howard said.

Councilman Herman Graham agreed.

"We have to be sure our profits are going to exceed the expense," Graham said.

Councilman James Barnhart said he is leaning in favor of the Bass Pro as an attraction for Veteran's Park but still needs more information before making up his mind.

The joint project between local governments and the Retirement Systems of Alabama includes the Marriott Shoals Hotel and Spa and two Robert Trent Jones Golf Trail courses. RSA and local governments must agree on the yet-to-be-named attraction for Veterans Park.

"I'd like to see the developers pick up a big chunk of that so-called incentive money," Barnhart said.

One of the developers studying the retail development for Veterans Park is Southeast Capital Investments.

The Anniston company is also interested in developing the Hickory Hills Plantation mixed-use project on the corner of Cox Creek Parkway and Cloverdale Road.

Two other developers also are looking to make proposals to complement Bass Pro, city officials say.

Council members Sam Pendleton and Angie Pickens say they favor the Bass Pro project

Pendleton said he's also waiting on final figures from the mayor, though.

"You can't make progress unless you are at the table. Even with the discussion of $20 million, at least we are at the table," Pendleton said.

Councilman Scott Carrier is proceeding with caution, saying he needs many more answers.

"We're sure not anywhere near making a decision," he said. "I understand the people's skepticism. We owe it to the public to fully explain this and have an open process and public hearings. It's too big not to."

The incentive that was studied would involve $17.9 million. With interest involved in repaying a bond of that size, the total investment could reach $20 million.

That's not a problem for the city, should it need to borrow money to make the project happen.

The city's debt limit is $60 million. That amount changes annually and is based on assessed property in the city.

At present, the city only has $22.2 million against that cap, which means it could borrow more than $37 million.

In addition, a state constitutional amendment passed by Alabama voters in 2004 allows money borrowed for economic development not to be counted against the debt limit.

Todd Twilley can be reached at 740-5728 or todd.twilley@timesdaily.com.