The Cooperative District of the City of Leeds-General Board met Thursday, July 3, to approve the development agreement for the Grand River project. The board’s approval was the last step needed to move forward with the undertaking.
Board Chairman Stan Batemon said the project, which is being built along the Interstate 20 corridor just off Exit 140, was part of what the board had first discussed when agreeing to work together on developments in the district.
The agreement between Daniel Corporation, USX Realty and the Cooperative District Board will use different sales taxes and possibly ad valorem taxes to pay for developing the initial infrastructure needed to pursue the project.
The project, which will include retail, restaurant, lodging and nature park portions that will appeal to all visitors, is estimated to cost the district about $35 million in infrastructure development.
The first retail component is projected to be complete and stable by 2010.
By the development’s third year, it is projected to generate up to $6 million in revenue. Organizers also expect the project will provide the equivalent of 650 full-time jobs.
“I am excited about this project,” Batemon said. “I am looking forward to seeing it completed and benefiting the surrounding area.”
The board also voted to ratify and approve the use of SERMA Holdings LLC as a mediator for the board.
The mediator will assist the board in several ways, including helping resolve the value of projects concerning each of the three entities in the district and clarifying the language in the board agreement to better establish relationships between Leeds, Moody and St. Clair County when working together on projects.
“We wanted to hire someone who would urge us to come to a consensus,” Batemon said. “We needed that structure without going to legal counsel over each issue. This will help us establish an organization and structure that is mutually accepted. We needed to avoid a difference of opinion because the money figures for future projects are elusive to us right now.”
The board needed to vote on the item during the meeting, Batemon said, because the board could not pay SERMA Holdings until it had voted on formally engaging the company’s services.
Although Batemon indicated services had already been utilized from the mediator, the board was still waiting on a report back.
Moody Mayor Joe Lee asked that, as with the attorneys, the mediator be required to provide an itemized statement of fees. Batemon agreed that would be a reasonable request.
The board also tabled its minutes from a previous meeting because board member Don Mock said they were not ready yet.
