Planned TIF For Extension Of MLK Boulevard To The Riverwalk Is Delayed

Tuesday, December 5, 2017

A TIF (Tax Increment Financing) plan involving the extension of MLK Boulevard across Riverfront Parkway to the river will be delayed at least until January.

The city's Industrial Development Board had been expected to act on the proposal on Tuesday, but officials said it would not come up until the January meeting.

City officials earlier said the plan was to get final approval from the City Council on Dec.

19.

A five-member TIF advisory panel, meeting only this one time, earlier approved the TIF, and it was set to go next to the IDB.

A citizen watchdog group, Accountability for Taxpayer Money, has been critical of the TIF, saying it is "an expensive way to finance a block-long extension of the road."

The TIF is in partnership with Evergreen Development of Nashville, which has been involved in the Cameron Harbor project.

Cherita Allen, city deputy economic development director, said Evergreen has four parcels near Riverfront Parkway and MLK Boulevard that it is getting ready to develop. She said a building was planned to go directly across from MLK.

She also said that the city has always planned for an extension of MLK Boulevard, but does not now have the money in its budget.

Officials said, "The project is not feasible without tax increment financing."

Evergreen will carry out the project and be repaid with a portion of the enhanced tax proceeds from the four parcels. Evergreen expects the road project to cost about $4 million to $4.5 million and be repaid through the TIF in eight years. The maximum length of the TIF is put at 15 years.

Ms. Allen said there will be 36 units of housing as part of the $50 million project set aside as for "work force" rates. She said that is not the same as "affordable" housing, but still at a reduced rate.

The work force rates will go away when the TIF ends.

Officials said the portion of the taxes going to the TIF will be 60 percent and that the school portion would not be affected.

Officials said there will be over 400 jobs during construction and 90 jobs, plus some office positions, on an ongoing basis.

Evergreen will finance the road construction through Pinnacle Financial Partners.

The road will go to the Blue Goose Hollow Trailhead on the Riverwalk.

Officials said an economic impact study was completed on the project.

The roadway will be deeded to the city when it is completed. It is to include wide sidewalks, a bicycle lane and public parking.

Evergreen has control of a portion of the property and has an agreement to buy the rest from Newton Chevrolet, it was stated.

The development is to include 180 mid-rise apartments with pool and fitness club, 4,000 square feet for a locally-owned restaurant, and 30,000 square feet for a medical-related office building.

 



Woman Who Became Hospitalized After Drinking Well Water At Local Restaurant Files Class Action Suit

A woman who said she became hospitalized after drinking well water from a local restaurant has filed suit. Tina Rogers is suing the River Drifter Restaurant on Suck Creek Road and its owners, Charles and Renee Eich, as well as property owner Robert L. Newman. The Circuit Court complaint seeks to be declared a class action lawsuit and include others who became ill from drinking ... (click for more)

Boyd Says Commissioners Want Answers From Coppinger On Magistrate Payouts

County Commissioner Tim Boyd has written County Mayor Jim Coppinger saying he wants answers to questions raised about certain payouts to county magistrates. He said other commissioners who were at a Security and Corrections Committee meeting joined him in wanting the answers. Randy Russell, who was chief magistrate for eight years but was not retained, said other magistrates ... (click for more)

Jeff Styles, I Believe You - And Response (3)

I am glad that Jeff Styles presented the details of the event on his website.  Just because the government alleges a crime does not mean guilty. A criminal charge is an allegation by government. Sure, that allegation can be very serious, but the charge is still an unproven allegation until a court of law and Lady Justice has her review of the proof.  A person gets ... (click for more)

Roy Exum: The Political Dark Side

If ever there becomes a movie that reveals the rotten side of politics, the script has just been written. My goodness, it has all of the hot words: liberals, Muslims, bedroom beds, spouse abuse, non-transparency (or is it collusion,) kids in shock, a seated member of Congress, vulgar language, the Democratic National Committee, a woman scorned, and – best of all – an election. ... (click for more)

Volleyball Roundup: Red Bank Falls To Notre Dame, 3-0

Notre Dame beat Red Bank, 3-0, Wednesday in high school volleyball action with set scores of 25-17, 25-18 and 25-16. The Lady Lions (1-2) opened the season with a win against Grundy County and followed with a loss to Ooltewah before dropping Wednesday’s match to the Lady Irish. On Tuesday, Cleveland defeated rival Bradley Central 3-0 to open the Lady Raiders’ 2018 season. ... (click for more)

CCS, Red Bank, Ooltewah Volleyball Winners Tuesday

Chattanooga Christian, Red Bank and Ooltewah all won volleyball matches Tuesday with CCS improving to 2-0 with the 3-1 district win over Grace. Soddy Daisy defeated Hixson by a 3-1 final while Lookout Valley split a pair of matches, the Lady Yellow Jackets losing to Gordon Lee before defeating Ringgold. Soddy Daisy prevailed by scores of 25-10, 19-25, 25-8 and 25-21.  ... (click for more)