NORTHPORT, AL — The Northport City Council will hold a public meeting later this month to consider a proposed economic development agreement to bring a popular steakhouse brand to the city.
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The council is scheduled to meet at 5:30 p.m. on May 18 at Northport City Hall, where members will receive public input and consider a resolution approving a Project Development Agreement involving Sucarnoochee Investments, LLC.
The firm is doing business as Big Mike’s Steakhouse and will be joined by the property owner 1871, LLC.
The popular Alabama-based steakhouse brand operates locations in Auburn, Guntersville, Moundville, Orange Beach and Thomasville.
According to the public notice that will be published in the Northport Gazette, the proposal centers on developing a new-to-market Big Mike’s Steakhouse on vacant commercial property in Northport.
The project is expected to generate more than $4.8 million in annual sales and employ more than 35 workers.
To support the development, the City Council will consider a package of incentives that includes purchasing the project site and funding construction of a commercial building and necessary equipment.
If approved by the Council, the total public investment would not exceed $4.8 million, which the city anticipates financing through debt issuance.
Under the proposed agreement, the restaurant operator would lease the property from the city and commit to operating the business for at least 20 years.
Monthly rent payments, calculated at 5% of gross revenue, would be applied toward repaying the city’s investment until the debt is satisfied.
Additional revenue streams to offset the project’s cost could include a portion of city sales tax generated at the site and a potential cooperative district user fee, both of which would be directed toward paying down the project debt.
Once the city’s investment is fully repaid, the agreement allows the company to purchase the property for $100, provided all terms are met.
Copies of the proposed agreement are available for public inspection at City Hall during regular business hours.
Residents are invited to attend the meeting or submit written comments in advance.
Big Mike’s Steakhouse was founded by chef Mike Cole, Scott Powell and Caine Conway, who set out to bring high-quality steakhouse dining to smaller, rural communities.
Cole, an experienced chef and restaurant manager, leads the kitchen and menu development, while Powell and Conway oversee front-of-house operations and business management.
The concept first launched in Thomasville and has since grown into a popular regional destination.
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