It’s the home stretch for Alcoa officials working to secure a Costco on the outskirts of the Springbrook Farm downtown center. On Thursday, members of the Alcoa Board of Industrial Development unanimously voted in favor of joining a four-part, four-party agreement already approved by the City of Alcoa, Costco Wholesale Corporation and TN Alcoa Primary LLC, the subsidiary group of RealtyLink that owns the Springbrook Farm properties.
Approval by the IDB opens the Alcoa Commission up to releasing funds to help develop public infrastructure in the surrounding areas, complete necessary remediation work and purchase and sell land to Costco to be used for its commercial endeavors — all required steps previously listed in a Master Development Agreement approved by commissioners on Dec. 9.
“We’re going to fold all of this into one resolution that essentially says that you’re going to sign off on the Master Development Agreement, and then, as a signatory to that MDA, you are now going to complete the listed IDB obligations,” said City Manager Bruce Applegate. “Signing (the MDA) kicks in the other obligations: the Memorandum of Lease and Recording, the Payment in Lieu of Tax Agreement and the Contract to Purchase Additional Land.”…