BIRMINGHAM, Ala. (AP) - The Birmingham City Council has approved incentives for a developer's $57 million plan to renovate the Pizitz Building, a downtown landmark that has been shuttered for about 20 years.
Bayer Properties plans to renovate the 87-year-old department store, once one of Alabama's finest, and reopen it as a mixed-use space with retail shops, restaurants and offices.
The city council voted 7-1-1 on Tuesday to provide several incentives. The Birmingham News reports that they include a $3.2 million community development loan, $1.9 million in federal recovery bonds to be repaid by the city, and a guarantee of $7 million of Bayer's construction loan.
Mayor William Bell says the project will spur redevelopment of other historic properties.
Information from: The Birmingham News,
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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