Holmes Properties, the developer, originally owned the land at the intersection of Alabama 21 and Hamric, but transferred ownership to the CDA in May so that site preparation work could be done. That work included grading and installation of water and sewer lines.
The CDA agreed in May to pay $2.3 million toward that work; it makes a practice of only spending money on land it owns, said Dwight Rice, attorney with Rice, Rice and Smith, which represents the city.
“Once everything is done, then we transfer it back,” Rice said, adding that Bojangles’ might take ownership of the land from Holmes Properties as early as Friday.
The city often pays money to developers through the CDA to entice commercial development, something the city cannot legally do on its own.
There are four tracts of land at that retail project, and only one was transferred Wednesday back to Holmes Properties. Work remains to be done on the others before the CDA will transfer those plots back to the developer, Rice said.
Located where a Holiday Inn once stood, the site will have a grocery store and drugstore in addition to Bojangles.
Bojangles’ is the only company to have announced plans to open at the site. The two remaining companies will announce their plans in the future, said Stacie Holmes, owner of Holmes Properties.
Staff writer Eddie Burkhalter: 256-235-3563. On Twitter @Burkhalter_Star.