The revitalization of the Riverchase Crossing shopping center got a boost from the Hoover City Council in August with approval of another tax rebate incentive agreement.
The council on Aug. 10 agreed to give a development company from Tennessee 50% of the sales tax proceeds from two stores slated to go in the former Big Lots space over a period of 10 years, up to a maximum rebate of $1.9 million.
The tax rebate is designed to help the developer make the project more feasible. The development company, NRE Riverchase, plans to invest almost $10.5 million to redevelop a 5.1-acre parcel at the east end of the shopping center, including $8.8 million to buy the land and renovate the building and $1.7 million for “soft costs” such as professional services, taxes, permits and fees, said Ken Grimes, Hoover’s economic development director…