The Greenwood City Council will consider finalizing a deal at its Tuesday meeting for a new development on Park Avenue at the former location of the Three Rivers Inn and Suites.
The project, financed by Hodges Redevelopment GWD LLC, will turn the former hotel site at 900 W. Park Ave. into several businesses, including a McAlister’s Deli, which will be franchised by Channing Hodges, the head of the development company. The project will also include a second restaurant and a building providing office and retail space, according to the plan provided to the council.
The plan estimates that 100 to 120 full-time jobs will be created through the project. Taxes received by the city and Greenwood Leflore Consolidated School District are also expected to increase.
Hodges first appeared before the council in March to announce his plans. He said that the plan will not cost the city any money and that it was in his interest for the businesses to be successful to pay off his expenses as soon as possible.
He said the hotel was littered with environmental hazards, such as asbestos, and he received the council’s approval to receive assistance covering the cost of remediation through the Mississippi Economic Redevelopment Act. The act allows municipalities to cover the costs of the cleaning and remediation of the site, with 100% of sales tax going toward reimbursement for the first six years of the plan and then dropping over time, with a maximum of 15 years.
The council will now consider reimbursing a portion of the costs related to construction on the site, including certain infrastructure improvements, not to exceed $1.3 million.
According to the plan, preliminary qualifying costs total $1 million and include earthwork, drainage, street and sidewalk improvements, utilities and professional services.
This will be funded through tax increment financing bonds, which will use up to 100% of the increases in real and personal property taxes (excluding school taxes) generated by the new businesses on the lot to reimburse the costs.
The estimated total cost of the project is $12.7 million, according to the plan. The Three Rivers Inn building has been torn down, and demolition work at the site is continuing. Hodges estimated that the McAlister’s Deli will open in the first quarter of 2023.
- Contact Kevin Edwards at 662-581-7233 or kedwards@gwcommonwealth.com.
