Crossville City Attorney Will Ridley reported to the Crossville City Council at their work session that negotiations are continuing between the city and the developer of a proposed $45 million shopping center on 127.
Members of the Crossville City Council and others
listen as City Attorney Will Ridley gives an update
on the proposed retail development.
Ridley explained that he wanted the council to know that it would likely be more than the hoped for 30 days for the negotiations to be completed. According to Ridley he and the city manager along with several city department heads met with a representative of the developer, Carolina Holdings, Inc. Ridley added that the city needed more information from the developer and the city was to gather information as well.
About the delay, Councilman Danny Wyatt said, “We sort of suspected that anyway.”
Ridley said that one of the things being discussed was a TIF, or tax increment financing plan. Ridley explained that a TIF wouldn't cost the city a lot of money and that it would commit the future increases in property tax revenues toward repayment of a loan used to assist in the development of the project.
Proposed $45 million retail development to
be located on Highway 127 about 1 mile
south of I-40
“The county would have to join in as a partner,” added Ridley. “The city and county would continue to collect the tax revenue they do now on the property and the additional increment, property tax gets applied toward your loan. We've only taken new money that we wouldn't have had, but for the project to pay for it,” Ridley told the council. Once the loan is paid back, then the additional property tax increment revenue goes to the city and the county.
Where the benefit to the community comes in is the increase in sales tax collections that provide funding to the city and to the county school system.
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Mayor James Mayberry said that the possibility of a TIF was discussed at the Joint Economic and Community Development Board meeting and was positively received by the county officials who were present.
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