The Magnolia Marketplace planned for South Claiborne Avenue will open in March 2015 with six national retailers and a fast-food restaurant — TJ Maxx, Ross, Michael’s, PetSmart, Shoe Carnival, Ulta cosmetics and Raising Cane’s. The $25 million project is being financed by a combination of private financing and federal New Market Tax Credits. The developers had also requested $2.3 million more to close the gap on the major costs associated with replacing the old utility lines on the site. The developers had proposed a 1-cent sales tax on items sold at the marketplace, which the city council considered it earlier this month.
On Thursday, the City Council agreed to borrow the money for the project and to pay it back by raising the sales tax by an additional 1 percent on the shops at the site.
The proposed tax was contested and controversial, primarily because residents were concerned that the city’s highest sales taxes would be in one of its poorest neighborhoods. Uptown Messenger has more covered of the issue, which you can read here.
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[…] to be similar to sales tax legislation that the city gave Stirling Properties for the Magnolia Marketplace development. In that case, the money generated from the 1-cent tax would be used to support bonds to pay for […]