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Minutes from the City Council meeting on July 19, 2004
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PUBLIC HEARING - 5:30 p.m. - The public hearing scheduled for the purpose of discussing tax increment financing and to review proposed plans of the Turtle Creek Mall was delayed by five minutes waiting for representation. Mayor Brodell recognized Mr. Bruce Burrow who explained the project had been “built on paper” first and the plans had already been approved by the Metropolitan Area Planning Commission. Mr. Burrow provided a “turtle’s eye view” of the proposed mall, naming the following stores, and explaining they have letters of intent from each tenant: Target, J. C. Penny’s, Chico’s, Barnes & Noble, Circuit City, Bed Bath and Beyond, and Dillard’s. He stated east of the Dillard’s Store would be relocation of the drainage ditch which would run across Highland Drive into a retention pond and park like area. Mr. Burrow stated no other city the size of Jonesboro would have a mall any finer, providing for a combination a Life Style Center and closed shopping area. He explained the project would contain extensive landscaping, water fountains, and statuary, which has become a Belz Burrow Development trade mark. As a result of the relocation of the drainage ditch, over 520 homes will be removed from the flood plain creating an annual savings of $200,000 in flood insurance for the home owners. It was reported that the investment between developers and retailers will be over 100 million dollars, creating 1500 jobs with projected sales of 225 million dollars annually. Mr. Burrow explained the school district would receive an additional $108,000 a year for their portion of millage that would go toward the reduction of bonds. Attorney Tim W. Grooms of Quattlebaum, Groomes, Tull & Burrow provided some background information, stating in the year 2000 Amendment 78 was adopted creating Tax Increment Financing (TIF) which paid for such things as infrastructure. Then in 2001 legislation was passed allowing for r...
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