MADISON — GBT Realty Corporation of Brentwood, Tenn., was scheduled to present the final plans and variance requests at the Jan. 9 meeting of the city of Madison’s Planning and Zoning Commission for the proposed Madison Promenade, but has deferred its request over TIF financing issues.
The roughly 26-acre first phase is located in the northeast quadrant of I-55 and Main Street along Galleria Parkway and includes Target as the anchor tenant.
“The deferral of the project was needed in order to give the City and GBT more time to reach an agreement on the $4.5 million of TIF financing required for the development of the project.” said Craig Cole, director of development for GBT. “The parking and buffer variances that have been requested are minor issues that should easily be worked out based on a meeting with staff in late December. However, the major issue is getting acceptable terms and conditions from the city on the TIF financing. This will hopefully be worked out, as the city has provided the TIF financing for other local developments including the Wal-Mart SuperCenter and other retail on the south side of Main Street. The TIF is repaid from sales tax and increased property tax from the development.”
According to GBT, Madison Promenade’s first phase is estimated to exceed $31 million in total project cost and will generate approximately 450 new local jobs. The project would generate an estimated $4.6 million in sales tax annually, and the annual increase in property tax is estimated to be over $650,000.