By SPEAKIN’ OUT NEWS
CULLMAN — A planned $15 million bank and retail development will receive city assistance for a highway improvement, linking downtown commercial growth with a public investment whose final cost remains unspecified.
The Cullman City Council approved an agreement Sept. 28 supporting First National Bank of Pulaski’s plans for approximately 3.75 acres at 201 and 401 Third Street Southwest.
The bank intends to build a financial institution and community room at the first address, reserving the remaining property for future retail. The project was detailed in an Oct. 5 Cullman Tribune report.
Under the agreement, the city will cover 80% of the cost of a required deceleration lane on U.S. Highway 278, also known as Third Street Southwest. The bank will pay the remaining 20%.
That cost includes engineering, construction, and related requirements. The posted documents do not provide a lane construction estimate or a maximum dollar amount for the city’s share.
The $15 million figure refers to the overall development investment, not a city payment to the bank.
City documents identify commercial redevelopment, employment opportunities, and additional tax revenue as expected benefits. However, the agreement does not specify a numerical job commitment, retail tenants, or opening dates.
Sidewalks are also required. The city plans to seek Transportation Alternatives Program funding, with the bank responsible for installation if that funding is unavailable under the agreement’s terms.
The bank told the city that rising construction and labor costs made assistance necessary for the highway lane. Construction remains subject to permitting and other requirements.
For residents, the project promises new commercial activity while leaving the public cost, construction schedule and eventual retail mix to be determined.