Alabaster sales tax revenue up
Published 12:00 am Wednesday, January 10, 2007
December was a merry month for Alabaster merchants and city leaders.
Behind strong sales at the Colonial Promenade, the city generated almost $1 million in sales tax revenue last month. &8220;Everything is looking really good at this point, three months into the budget year,&8221; said Mayor David Frings.
Since October, the city&8217;s revenue department has collected close to $3 million in sales tax revenue. The figure is 14 percent more than what was made in the first three months of last year&8217;s budget.
Frings attributes the increased income to more people choosing to shop in Alabaster.
The good news comes as city leaders await a judge&8217;s approval to build a third shopping center at the U.S. 31, I-65 location.
Circuit Judge Dan Reeves will decide this week whether or not to allow the city to enter into a deal with developer Robert Buchmust.
Under the plan, Buchmust&8217;s company, Alabaster Shadow LLC, will receive $10 million in sales tax rebates if they agree to build the 300,000-square-foot center.
The mayor hasn&8217;t yet named possible tenants of the center, but did say there would be three &8220;sizeable major retail&8221; anchors.
Frings expects the new center would generate more than $2.5 million in sales tax revenue per year.
The Colonial&8217;s second center, which will include a J.C. Penny department store, Target and Best Buy is set to open this summer