Gadsden Council approves tax incentives for new business

The  Gadsden City Council tuesday approved financial incentives for an Alabama City grocery store and will hold a public hearing for incentives for a new LongHorn Steakhouse.  The proposed LongHorn Steakhouse will be at 344 Albert Rains Blvd. in Gadsden.  RARE Hospitality International Inc., plans to spend about $2.1 million to demolish the building that formerly housed the Fish Market and construct a new building on the site.  The city also proposes to sell adjacent property to I-359 East Inc. for the LongHorn Steakhouse for $1 on the condition that the project is pursued within a year.  Otherwise, the city will reclaim the property or be paid $125,000.  The agreement proposes to rebate 50 percent of the proceeds from the 4 percent sales tax for a maximum of four years or $200,000, whichever is reached first.

RARE Hospitality International Inc. estimates the steakhouse will employee at least 30 people and generate annual sales of more than $3 million. A public hearing will be held.

The city also held a public hearing Tuesday and approved an agreement with Beltline Canterberry LLC for a Mi Pueblo Supermarket, which will be in the old Food World building at Canterberry Station, on W. Meighan Blvd.  The approved incentives call for the city to rebate 50 percent of the 4 percent sales tax for four years or a maximum amount of $400,000, whichever is reached first. Mi Pueblo is a multicultural supermarket with several locations in Alabama. It is expected to generate annual sales of more than $8 million and employ at least 30 people.