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The Troy City Council approved a project agreement that will pave the way for Big Lots! to open a store in Troy.

The Big Lots! store will be located in the old Food World building next to Dollar Tree at the intersection of U.S. Highway 231 and Alabama Highway 167.

Troy Mayor Jason Reeves said before Big Lots! can move in, the property owner, Noon Troy, LLC, will need to make substantial improvements to the building, including a new roof, air conditioning units, milling and resurfacing the parking lot and painting the entire building, including the Dollar Tree portion of the building.

The council approved an agreement with Noon Troy, LLC., that allows up to $500,000 in startup costs to be offset through the reimbursement of 2 percent of the sales tax to Noon Troy. Reeves said once 2 percent of the sales tax revenue pays off the expenditures, up to $500,000, all sales tax will revert back to the city. Reeves said the agreement was for up to 10 years, but he expected the expense to be paid off much sooner.

“It’s a very visible location,” Reeves said. “We all know how busy the intersection of 167 and 231 is. This deal will get the property a facelift and a new retail store that will be a real benefit to the community. I’m very optimistic about this deal.”

Sol Shenk, a Russian immigrant, founded Consolidate Stores Corporation in 1967.  Shenk purchased closeout deals, production over runs and bankruptcies and sold the merchandise from his store in Columbus, Ohio. In 1982, Consolidated opened its Odd Lots/Big Lots chain of stores. Over the years, Consolidated operated businesses like Big Lots, Odd Lots, Mac Frugal’s Bargains * Closeouts, and Pic ‘N’ Save. In 2001, all of the stores were converted to a single brand, Big Lots!

Big Lots! currently operates 28 stores in Alabama, the closest to Troy being Montgomery, Enterprise and Dothan. Big Lots! also has a distribution center in Montgomery.

Jamey Flegal, Noon Management, LLC, said Dollar Tree would remain as a tenant in its current location. He said the contract with Big Lots! had been signed, and the contract called for Big Lots! to open by June of 2023. But, he said the target date for the Big Lots! to open in Troy was around August 2022.

“That intersection is really a focal point for people passing through our community going to and from the beach,” Troy City Council President Marcus Paramore said. “It’s not a very attractive location right now. This deal will do a lot to beautify that shopping center. I think this is a great move for our community.”