135 JERICHO TURNPIKE | OLD WESTBURY, NY 1568 | 516.334.

9735

3/21/2024

FOR IMMEDIATE RELEASE

CONTACT:
Monty Ballard
205.223.6900
monty@styleadvertising.com

Broad Metro Withdraws Offer for Stadium Trace Village Phase 2 in Hoover

HOOVER, Ala. – March 21, 2024 – – Broad Metro LLC, the developer of Stadium Trace
Village, in Hoover, Alabama, hereby announces that after 14 months of working with the City to
develop the $250,000,000. (Two Hundred Fifty Million Dollar) proposed Stadium Trace Village
Phase 2, including the Golf Suites, Surgical Hospital and City of Hoover Performing Arts Center,
it will withdraw its offer that was outlined in its February 15, 2024 seventh letter of intent.

In 2023, the City of Hoover unanimously passed a $93 million Bond Issue. $17 million was
dedicated for a Performing Arts Center and an Outdoor Amphitheater Park. Broad Metro
relied upon the Mayor’s representation that City would negotiate in good faith and his agreement
not to consider any other site for the Performing Arts Center during the negotiations. On
February 15th the Mayor presented a three line draft of his proposed final offer one page draft at a
meeting at City Hall withdrawing items that were agreed to in prior Letter’s of Intent Broad
Metro’s last offer included a $500,000 reduction in cost to the City, yet the Mayor inexplicably
reneged on all major previously agreed to incentives and said he wanted to start over.

Broad Metro has assembled an 82-acre site, including the 11 acre Performing Arts Center site.
17 acres are fee owned, with the 65 remaining acres of abandoned mine lands under contract for
a year, with two contract extensions to date. The operators for the site were selected with great
deference to community needs, taking into account several factors including family orientated
entertainment, medical health options, tax generation for the City, and sensitivity to future traffic
from the Diamond Interchange and downstream development. The operators were selected with
varying peak hours of operation, which allowed for 95% excess capacity on the proposed
alternate road. Nearly half of the land would remain wooded or dedicated for greenspaces and
trails. In reliance upon the Mayor’s representations, Broad Metro had invested over $1 million
into the project including nearly complete engineered plans, environmental studies, hydrologist
study, traffic study, legal, professional, and land acquisition costs.

Broad Metro deems the City’s recent actions through its Mayor and Council President to be in
bad faith, indifferent to community needs. The May and disingenuous concerning the Performing
Arts Center at Stadium Trace Village Phase II and a departure from the promised good faith
negotiations. According to Hoover City Council President, John Lyda, who appeared on ABC
33/40 news on February 16th in an interview with reporter, Valerie Bell, Lyda explained “this
isn't the only option for the city for a performing arts center.” Lyda also said the amphitheater,
which is part of Phase 1, “has yet to be done.” Additionally, the ABC 33/40 interview transcript
has Lyda quoted as saying, “I would categorize it as a dream at this point.”
After Council President Lyda’s unauthorized statements, the Council decided to take over the
negotiations. Unfortunately, Mayor Brocato, fearing an election battle with Mr. Lyda chose to
make an alliance for their own purposes and has since refused to discuss the development during
executive session and has used the City’s economic development team and council to obstruct
the Councils’ good efforts. I am advised that the Mayor and Mr. Lyda’s actions are unethical and
questions posed as to the City’s financial commitments remain unanswered. Accordingly, Broad
Metro recognizes that the City has internal issues and will eagerly await the City reconciling the
same. At this point the engineered plans, studies, acquisitions and expenditures relating Stadium
Trace Village Phase II will remain albeit the operators that were all in place and eager to come to
Hoover will need to be diverted to other locations in the State and the current opportunity for the
City and the Community will need to be withdrawn.

It will be interesting to see which site the Mayor and Mr. Lyda promote and to learn the extent of
their Commitments concerning funds to be allocated and whether they were transparent and
followed proper procedures. What influenced the Mayor and Mr. Lyda to behave in this way will
eventually come to light and whether they will run for reelection is unknown. The City is one of
the most affluent in the State and enjoys some of the most successful and wonderfully civic
minded residents and families. The residents are the stakeholders. However, the City has
inexplicably shifted to being pro apartment development and this effort is led by the Mayor and
Mr. Lyda. It is highly unusual that the City has had three different Chief Financial Officers over
the past 7 years and two had unexpectedly resigned for no apparent reason. It seems that the new
Treasurer and Administrator will need to account. The New Administrator, Mr. Grimes, has yet
to return telephone calls from Broad Metro’s President William Kadish. Perhaps others can do
better.

Phase One required moving over 1.25 million cubic yards of rock and dirt over a 500-yard
stream, piping the same with the Army Corps of Engineers, grading the entire 45-acre site while
reserving a 6-acre retention pond to protect neighboring and downstream property owners at a
cost exceeding $25 million. Phase One now generates over $2.5 million in annual revenue to the
City of Hoover and the Hoover School District.

In good faith and free of any funds approved for in the City’s Bond offering, Broad Metro has
already made great progress on “Village Green”, which is a 2.5-acre arts and outdoor
amphitheater venue including a greenspace with a children’s’ play area, a food and beverage
area, and side stage. The Village Green food area is named “The Dish”, the nick name of our
President’s late son Andrew who was the first student from Wheatley High School to attend the
University of Alabama. Village Green will be located next to Walk On’s Restaurant at the now
nearly completed Stadium Trace Village.

Broad Metro wishes that the Performing Arts Center will be built in Hoover and that the City be
held accountable for their bond issue as intended. Broad Metro will continue to improve Stadium
Trace Village and seek to provide additional parking as well as improved access for the
community. Locally, Stadium Trace Village is demonstrable of Broad Metro’s ability and
dedication toward creating quality and sustainable developments that benefit local communities.
For more information on Stadium Trace Village’s second phase, please visit
www.broadmetro.com. Media inquiries should be directed to Audrey Pannell at
audrey@styleadvertising.com or 205.503.5955.