Retiring Senator Investor in Mobile Shopping Center

MOBILE, Ala. (WKRG) -- Tennessee Senator Bob Corker just announced he will not run when his term expires next year.  It's an announcement played up by the conservative news outlet Breitbart News, a day after running a story about Corker's investment in the McGowin Park Shopping complex in Mobile.

By virtue of that investment, Corker is one of the people who benefit from what some criticized as a bad deal for the city of Mobile and Mobile County, that gave major concessions to the Chattanooga-based developers of the shopping center.

Corker owns a 13 percent stake in the development company McGowin Park LLC.  Under the deal with the city, the developers can reap sales tax rebates of 28 percent from the city and 30 percent from the county over twenty years.
The deal was struck when Sam Jones was Mayor of Mobile.  A year after the shopping center opened, the new city finance director under Mayor Sandy Stimpson talked to News 5 about the deal.  Paul Wesch said they know the rebates will get into the range in the multiple millions of dollars a year.
 In financial disclosure statements, Corker lists income from the property in 2016 as more than $108 thousand.  He stands to make as much as $3m off his investment in all.

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