Decatur City Council Approves Agreement for Riverfront Development near Ingalls Harbor
On April 17, the Decatur City Council approved a project development agreement and ground lease agreement with Patrick Lawler, the developer of Guntersville's City Harbor, to build a $30 million riverfront development just west of Ingalls Harbor. According to the development agreement, Lawler and his company Ingalls Harbor, LLC are required to invest a minimum of $30 million at the site for retail, commercial and entertainment facilities that are not currently located in Decatur. The agreement also states the development will have to be completed in four years from the date the plan is approved by the city. The 75,000-square-foot mixed-use development would include restaurants, retail stores and condominiums with boat slips.
The city will provide Lawler’s company with 25% of sales and use taxes collected on the property for businesses new to Decatur, up to a maximum of $1.5 million, over 10 years. The city will also extend utilities to 5 feet of the development and spend $1.5 million on infrastructure for the development including a parking lot and other improvements for public use.
The agreement involves two acres owned by the Decatur Utilities Wastewater Treatment Plant, which would be deeded to Lawler’s company and five acres owned by the city that Lawler would lease. Lawler will have four months to perform due diligence on the land before transactions are finalized. The development will also require TVA approval that could take up to a year. The city council voted for immediate consideration to declare surplus city land to be used for the proposed project but it did not receive unanimous approval. It was approved by the council during a special called meeting on Tuesday.
District 2 City Councilman Kyle Pike said the development will be a regional draw and City County President Jacob Ladner said this riverfront development will fulfill a need citizens explained they wanted in the One Decatur Comprehensive Plan. Lawler said he already has 70 percent of the retail and restaurants at the development ready to lease. “I’m comfortable proceeding and I don’t make these types of investments without doing a tremendous amount of due diligence before I do it," said Lawler. The Chamber is excited about the new retail and housing options this game-changing development will provide our community and those visiting the area.
Click here to view the development agreement approved by the Council.