After signing: co-op district gone

It’s official—the City of Leeds has approved to dissolve the cooperative district, releasing Moody and St. Clair County from the series C bonds debt regarding the Bass Pro Shops.

All parties have formalized their agreements in order to move forward, leaving the City of Leeds to pay Moody and St. Clair County $123, 389.70 each, which completes the release.

Leeds Water Works Board is also withdrawing which leaves the City of Leeds and the Commercial Development Authority (CDA) as the two active parties receiving sales tax revenue from the developments off exit 140.

Committee members also voted to absolve the Cooperative District of the City of Leeds General (outside of St. Clair County) as well as the Leeds/Moody Cooperative District, which has no current projects on the table and has been dormant since 2007. Created to develop property, the district now houses the Alabama Auto Auction.

Working closely with Mayor Eric Patterson for the past several years on these cooperative districts, St. Clair County Commission Chairman Stan Batemon said, “I personally believe on this final conclusion that this has been a success. We’ve learned a whole lot about this process. I look forward to what has come about and what has been resolved. We are open for future cooperative district opportunities. I for one have been educated by this experience—in a good way.”

Patterson added, “Leeds is in St. Clair County and is a neighbor to Moody. It’s been six years since we started this thing. We appreciate their partnership. Y’all have done a good job.”

Resolving the debt issues regarding the Series C Bonds both Patterson and City of Leeds attorneys said the bonds were sold the day before Jefferson County declared bankruptcy and payment was received Tuesday, November 29, 2011.

“This deal is extremely beneficial to the City of Leeds. This will pave the way for future development. This releases the city from a tremendous amount of record keeping and expense associated with the cooperative agreement,” Patterson said. “We appreciate all of our partners in the co-op. It was time to end the association and the City of Leeds to take responsibility for their own development, expenses, infrastructures and the benefits that it might bring.”