The Slidell City Council, acting on behalf of the Fremaux Economic Development District, will meet tonight to debate a $6 million bond issuance to help finance the development of the Fremaux Town Center retail development. The proposed bond issue is the lone matter on the agenda.
The bonds would be fully backed by revenues generated by the half-cent sales tax. The first phase of the Fremaux Town Center, which includes a Dick’s Sporting Goods, Best Buy, Kohl’s and Dillards, as well as Cheddars and Panera Bread restaurants, is slated to open next March, developers have said.
When the development was unveiled in 2008 by Alabama-based Bayer Properties, the City Council, as an incentive, authorized an additional 1-cent sales tax to be collected on purchases in an economic development district encompassing the site. The revenues would reimburse developers for some expenses, including infrastructure improvements such as streets, water and sewer lines and lighting.
But then the economy tanked and Bayer gave up on the project, selling out to a joint venture of Covington-based Stirling Properties and Chattanooga, Tenn.-based CBL & Associates Properties.
Jeff Council Approves Cenacle Re-Subdivision Next Post:
Fremaux Town Center Announces New Tenants For Shopping Center