City Bond Board Approves Issuance Of Up To $9 Million In Bonds For Aetna Mountain Tax Increment Financing In 5-1 Vote

Monday, October 15, 2012

The City Bond Board, after hearing lengthy presentations from the developer as well as opponents, on Monday voted 5-1 to issue up to $9 million in Tax Increment Financing (TIF) bonds for a major development on Aetna Mountain in Lookout Valley.

Developers Doug Stein and Gary and Bobby Chazen say they are planning "a small town" on top of the mountain that is now wilderness and most frequented by four-wheeler enthusiasts. Ten people have signed up thus far to build homes in the development. As many as 1,400 homes are envisioned.

The motion was passed with the agreement that a legal opinion will be issued that the project qualifies under state requirements for TIFs. Attorney John Konvalinka, representing project foe Helen Burns Sharp, said he has serious doubts that it does qualify. One suggestion was to get an opinion from the state attorney general's office.

Attorney George Masterson of Nashville, bond counsel for the project, said the developers will front the money to build a spine road up the mountain and to the town center along with a sewer line. He said they would make "draws" on an escrow account taken from taxes in the TIF district. The current "base tax" amount is $32,000.

He noted that the taxes going into escrow would not include the school portion, money for normal city or county debt service and a five percent administrative fee.

City Councilwoman Deborah Scott, whose District 1 includes the project area, asked that it be further studied, saying it was "not ready for prime time."

She said TIFs were mainly set up for "blighted" areas. "This is not a blighted area," she said.

Councilwoman Scott also said that there is only one access road to the community. She said Lookout and Signal mountains "both have two."

Bond Board Chairman Ted Mills said the project had already been approved by the County Commission and City Council and the bond board was to just make sure the paperwork was in order. Councilwoman Scott told him, "This board is not a rubber stamp."

Councilwoman Scott also said a development group involved in the project had twice failed to fulfill obligations on projects in other states. Attorney Mike Mallen said that was not the case. He said one newspaper article passed out by Ms. Scott regarding that company and a bankrupty referred to it as being a creditor in the bankruptcy, not the one filing for bankruptcy. 

An attorney for a group of Aetna Mountain residents who have been in litigation over the old Aetna Mountain Road said he objects to the developers "changing the name to Black Creek Mountain." He said it is Aetna Mountain and Black Creek "is a creek in the valley."

 

 

 

 

 

 

 


Latest Hamilton County Jail Booking Report

Here is the latest jail booking report from Hamilton County: ADDISON, STEVEN ALLEN  1109 MCDONALD DRIVE CHATTANOOGA, 37421  Age at Arrest: 39 years old Arresting Agency: Hamilton County DRIVING ON REVOKED, SUSPENDED OR CANCELLED LICENSE SPEEDING FELONY EVADING ARREST --- ANTHONY, JAMES LEE  2714 NORTH ORCHARD KNOB AVE CHATTANOOGA, 37406  ... (click for more)

Woman Found In Trunk Of Wrecked Car In Hixson Had Been Shot Multiple Times

A woman whose body was found in the trunk of a car after a wreck on Norcross Road in Hixson on April 7 had been shot multiple times, it was testified on Tuesday. Charges that included criminal homicide were bound to the Grand Jury against  Joshua Mincy, 25. He was also charged with aggravated assault, tampering with evidence, possession of a firearm (convicted felon), ... (click for more)

Tennessee Business Expansions On Rise Across State

In 2016, Tennessee was named State of the Year for Economic Development by Southern Business & Development Magazine based on project totals and the variety of industries that invested in the state and created jobs. To a great extent, Bradley and Polk Counties have benefited from that investment.   From February 2015 to February 2016, Cleveland/Bradley County led the ... (click for more)

Roy Exum: My Life With 007

I was 13 when the first of 24 James Bond movies came out and, at a time when my sap was just beginning to rise, I will never forget Ursula Andress stepping out of the sea wearing that white bikini. Our hero walks over to the dripping Honey Ryder – that was her name in “Dr. No” – and she says in the Swiss accent, “Are you looking for shells too?” And the first classic reply of thousands ... (click for more)

McCallie Edges Briarcrest 1-0 On Costo's Sacrifice Fly In Seventh

MURFREESBORO, Tenn. – McCallie’s Corbin Brooksbank and Briarcrest’s Connor Shamblin locked up in an old-fashioned pitcher’s duel Tuesday night in the TSSAA Division II-AA state baseball tournament. Through six innings there wasn’t a crooked number to be seen on the scoreboard. Brooksbank, a Vanderbilt signee, stopped the Saints on five hits. Shamblin went into the seventh ... (click for more)

GPS Erupts To Blast Briarcrest, 10-0, In D-II Softball

MURFREESBORO – The GPS softball team seemed to be in some kind of lethargic funk at the start of their game with the Briarcrest Lady Saints, but they finally got their act together in time for a 10-0 six-inning win in the opening round of the Division II state softball tournament at Starplex Field No. 3 Tuesday evening. The Bruisers had cruised to a doubleheader sweep of Harpeth ... (click for more)