This has been in the works for nearly 3 years
MONTGOMERY -- House Speaker Seth Hammett has committed to give first priority on Tuesday to a bill that would allow Huntsville to establish a special tax increment finance district for a
$1 billion development at Redstone Arsenal.
Rep. Randy Hinshaw, D-Merdianville, the House sponsor of the legislation, said the bill will be the first one considered by the full House when it convenes Tuesday at 1 p.m.
A Senate committee has also approved the bill, but it's stacked behind other legislation because of a session-long delay in the upper chamber over a $1 billion highway bill. Republicans are using stalling tactics to prevent a vote on the bill.
If the bill wins approval, LW Redstone, (JW Wilson)a Montgomery company, would lease and develop 470 acres of unused property on Redstone Arsenal for offices, classrooms, research and conference space for federal workers and contractors.
The plan also call for two hotels with a total of 350 rooms, restaurants and stores.
In this case, LW Redstone has agreed to buy bonds directly and be repaid as the tax growth occurs.
The new development would ultimately include 4 million square feet of office space and employ about 14,000 people.
http://eul.army.mil/redstone/