wbozzelli posted on August 24, 2011 06:56
FULTONDALE — The Fultondale Council passed resolutions at a special-called meeting today to start an "Urban Renewal Plan" for a stretch of Walker Chapel Road, as well as approving a $3.25 million loan with Regions Bank.
The loan will be used by the city's Commercial Development Authority for redevelopment with the city. Mayor Jim Lowery said the city is currently planning to buy 11 pieces of property around the city to be sold to businesses; the money from the sale of the land and sales tax will be used to pay back the loan. There are currently five businesses planned for the properties.
The loan has an interest rate of approxiamately 2 percent.