Little Rock's Redevelopment District: Gateway Town Center - KATV - Breaking News, Weather and Razorback Sports

Little Rock's Redevelopment District: Gateway Town Center

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LITTLE ROCK (KATV)--It's been in the works since 2003, but plans to redevelop land next to the I-30 and I-430 interchange is getting closer to reality.

Little Rock's Board of Directors are expected to adopt a project plan next week.

Gateway Town Center will include retail and commercial space to be built next to the Bass Pro Shops. The property value in this area is increasing, because Bass Pro Shops opened its doors.

"Any increased assessed value there will be to the improvement of the property taxes, increase the property taxes so that whatever the millage is goes to the school district," said Mayor Mark Stodola.

Nearly 200 acres next to the I-30 and I-430 interchange is part of LR's Redevelopment District, which includes Bass Pro Shops, an outlet mall and various restaurants, hotels and banks.

"We're funding public infrastructure, we're not funding private development, as a matter a fact private development is funding 70 percent of the infrastructure," added Stodola.

The taxes paid to the city by Bass Pro Shops will make up the other 30 percent and while that money could have gone to the Little Rock School District; the city will use it to revitalize the area and increase property values, that will then benefit the school district.

"All this is doing is providing a bit of an incentive to try and promote economic development, and you know this is a regional center, it's a shot in the arm for the city," said Stodola.

This project is expected to create more than 1,000 jobs and millions in sales tax revenue.