Council reduces IDA’s rent at Venue 2; calls site ‘valuable economic development tool’

The Gadsden-Etowah Industrial Development Authority will be paying a little less for rent at Venue 2 at the Venue at Coosa Landing.

The City Council on Tuesday approved an amendment to the IDA’s lease, setting its rent at $108,000, to be paid in 36 equal monthly installments of $3,000. That’s down from about $4,000 in its original agreement with the city.

The IDA itself  occupies only about a fourth of the 7,000 square feet in Venue 2; the rest is a co-working space that already has multiple occupants as Gadsden tries to move into a 21st century business environment.

Brett Johnson, Mayor Craig Ford’s chief of staff, described it during the pre-council work session as “something special” and a unique facility in Northeast Alabama.

He noted that one of the things that makes it desirable as a business incubator is that David Hooks, the IDA’s executive director, chose to equip it with the best quality internet service available in the area. That service costs more than $1,000 a month but guarantees potential startup companies seeking to use the facility as a base of operations completely reliable service.

Johnson said $3,000 monthly rent was sufficient compensation to what the city has invested in “a great economic development tool.”

The measure was passed on its first reading, following unanimous consent to suspend the rules.

“We accomplished what we intended to do,” Hooks told council members during the work session, “but we’re trying to move it forward. This will be an asset in allowing us to continue to do that.”

The $1,438 million project officially debuted last December. Its focus is co-working, where workers for multiple entities share a single space. It’s popular with those who actually work from home but need a physical work address, and with entrepreneurs looking to start up companies.

Also Tuesday, the council accepted a $303,500 bid from Bob Smith Construction to build a new concession stand and tournament office at the Gadsden Sports Park, and a $174,900 bid from A&S Electrical Contractors for roadway lighting at the park. Heath Williamson, engineering director, said both projects should begin within 30 to 45 days.

The council authorized a CDBG housing services agreement with Site Inc. The company will assess and then offer estimates for what’s needed for qualified homeowners seeking federal assistance from HUD for upgrades.

There will be a workshop on the program from 11 a.m. to 3 p.m. April 4 at the Downtown Civic Center, and a construction skills seminar from 11 a.m. to 3 p.m. April 1 at The Venue at Coosa Landing.

The council also approved an amendment to an agreement with CDG Inc. for Phase 2 of the ongoing drainage improvement project for the North 11th Street/Tuscaloosa Avenue/West Meighan Boulevard area.

This article originally appeared on The Tuscaloosa News: Gadsden City Council reduces IDA’s rent at Venue 2