Finance Highlights 12/09/24

The committee began with an update from Mayor Alex Wyatt about an agreement being considered between Mountain Brook and Homewood regarding the redevelopment of Brookwood Mall. The cities plan to collaborate and prioritize what is in the best interest of both communities once they receive the developer’s future plans. Homewood owns just over 50% of the property, Mountain Brook owns around 40%, and Jefferson County owns close to 10%. However, the county is not part of this agreement, as their part in this property pertains specifically to taxes. The agreement excludes Target and office buildings and focuses solely on redevelopment efforts, not on any existing structures.

Item 01.12.24: This was a proposal presented to modify the salaries of the council and mayor for the upcoming term, as current rates have remained unchanged since 1988. Currently, council members receive $400 per month, the council president earns $500 per month, and the mayor’s salary is $32,000 annually, with a total annual cost of $86,400. The proposed adjustment would double council salaries to $12,000 per year and increase the mayor’s salary to $16,000 per year, based on normal rate comparisons. This change would result in a total annual cost of $67,000. This is a reduction of $20,000 from the current cost. The mayor would no longer receive a car allowance under the new structure. This change applies only to future council and mayor terms and not to current members. With the transition to a city manager system, much of the administrative work currently handled by the council will shift to the city manager, allowing council members to focus primarily on legislative responsibilities. To take effect, the adjustment must be finalized by February 26, 2025, to comply with state requirements. This was a first discussion and no action was taken.

Item 02.12.24: Committee approved a request for permission to provide an update on the Griffin Brook Creek Wall inventory, repair, and assessment. This is work required to repair the wall behind Hero Donuts, necessary to accommodate the new trail planned for the area, and was estimated to cost $92,000. This item will now go before the full council for a vote December 16, 2024 at 6:00pm.

Item 09.12.24 Request for consideration of tax incentives at the Edge. This request proposes a total incentive of $375,000 over five years, with an annual cap of $75,000. The Edge anticipates generating $3.6 million in revenue for the city over a 10-year period and is requesting 10% of that amount, subject to the $75,000 annual cap. The agreement is performance-based, meaning the incentive will be calculated as a percentage of actual revenue brought in by The Edge. This item was sent out of committee without recommendation pending a public hearing January 13, 2025

Agenda: https://bit.ly/4iEA1Lc

Upcoming meeting schedules: https://bit.ly/3bvufcT 

Archived meetings: http://bit.ly/2UiSIaA 

Watch the full video above to learn more about all the items presented.

Special Issues 12/09/24

Committee considered two sign variances. They were sent out of committee without recommendation pending a public hearing December 16, 2024 at 6:00pm.

Agenda: https://bit.ly/4f5FSpT

Upcoming meeting schedules: https://bit.ly/3bvufcT 

Archived meetings: http://bit.ly/2UiSIaA 

Watch the full video above to learn more about all the items presented.