PRATTVILLE, AL (WSFA) - Several economic development projects are underway for the City of Prattville.
Prattville City Council members approved three projects during Tuesday's meeting, offering cash and tax abatement as incentives, according to the meeting agenda.
The first project, which has been labeled "Platinum" offers an incentives package of up to $1.5 million. While little information surrounding the project was provided in the agenda, it says the incentives will go towards "the purpose of economic development in the City of Prattville."
The city council also agreed to offer a tax abatement to Fras-Le North America. According to the agenda, the incentives package includes abatement on all state and city taxes, construction taxes and mortgage taxes, excluding those that are education related. This abatement has been approved for a period of 10 years.
The agenda indicates Fras-Le North America is looking to expand its industrial facility and begin producing brake system products.
According to an economic development sheet provided by the city's chamber of commerce, a second project titled "Showroom" has been approved for the re-development of a midtown area in the city.
The deal for this project includes a rebate to the retailer of 50 percent of the sales tax revenue collected by the city. The rebate will be in effect for 10 years or up to $1 million, according to the sheet.
The chamber indicated that a minimum annual sales tax of about $210,000 would be collected once the center is open.
The development sheet also indicates that the project site is located at 1825 East Main Street, also known as the former Gilmore Ford property. The city agenda shows the developer, Akins Holding XL Prattville, wants to bring in between one and four retailers on the site.