Mayor Paul Finley will announce Friday the major retailers that will anchor The Shoppes of Madison retail development and the expected dates for construction and opening.

The City Council unanimously passed an ordinance Wednesday night during a special-called meeting that authorized the payment of $7.3 million to finalize the agreement.

Architectural renderings of the building depict a Target logo on the roof of the anchor business, but an official announcement of the “major retailer” and others will be made Friday.

Finley said he met with the major retailer last week, and they signed off on the deal yesterday.

The 266,000-square foot Shoppes of Madison is being built near the site of the new Madison Hospital off Balch Road.

In addition to the major retailer, the Shoppes are also expected to include various sit-down restaurants, a major home décor store and other retailers.

The original date to complete the deal was Friday, March 11, so the council called Wednesday’s meeting to ensure the deal will officially be finalized by Friday,

“We’re on target,” said Council President Tommy Overcash.

Bob Young, with The Frazer Lanier investment banking company, said the city secured a 4.69 percent true interest rate on the bond after the financial rating agencies of Moody’s and Standard and Poor’s confirmed the city’s good financial standing with an Aa2 rating and an AA Stable score, respectively.

“This is going to mean so much to the city,” said Young.

The bonds will be sold to banks across Alabama and other states.

The deal extends six months after the expected completion of the project to ensure the city doesn’t pay more in interest.

“If (contractors) run into any snafu, like weather, you’re not paying any unwarranted interest,” Young said.