The Homewood City Council has approved an incentive to help the Piggly Wiggly build a new building next to its current store that would double its size.
Under the agreement, the city set a base amount of $3.5 million, the amount the Pig paid in sales taxes in the past year. The store will continue to pay sales taxes, but the city will rebate the store any amount it pays over $3.5 million.
“Of course, we expect with the Pig getting bigger that they will increase their sales,” Homewood City Council President Alex Wyatt said in a video wrapping up action by the council during its Oct. 24 meeting.
The rebates will continue for up to 10 years or until the amount of taxes rebated reaches $3.5 million, Wyatt said.
“By doing it that way, we hope that the Pig is successful as possible and we hope that we can reach that $3.5 million even sooner than 10 years, much like we’ve had with the Target deal,” Wyatt said. “By doing a full rebate above the base amount should allow us the best opportunity to do that.”
A representative of the landowner said they are talking with CVS officials about relocating their store on the adjacent property, Bham Now reported. If they do, that area will become parking.
