TIF Advisory Panel Approves Project Involving Extension Of MLK Boulevard To The River

Wednesday, November 29, 2017

A TIF (Tax Increment Financing) advisory panel on Wednesday morning approved a TIF project involving the extension of MLK Boulevard across Riverfront Parkway to the river.

The five-member panel, meeting only this one time, is part of the procedure set up a year and a half ago by the city, it was stated.

Charles Wood of the Chamber of Commerce chaired the group that also included retired judge Jackie Bolton, Dionne Jennings of the Tennessee Valley Federal Credit Union, Kristy Huntley of the Benwood Foundation and Mike Sarvis of Synovus Bank.

Officials said the project next goes to the city Industrial Development Board for a public hearing next Tuesday. It will then go to the City Council economic and community development committee on Dec. 12 and to the City Council for final approval on Dec. 19.

It is a resolution and will only require a single council vote.

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

Cherita Allen 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.

 

 

 


Latest Hamilton County Jail Booking Report

Here is the latest jail booking report from Hamilton County: BRIDGES, JOY CORINNE  138 POPLAR SPRINGS ROAD RINGGOLD, 30736  Age at Arrest: 41 years old Arresting Agency: Chattanooga VIOLATION OF PROBATION (POSSESSION OF CONTROLLED S VIOLATION OF PROBATION (POSSESSION OF CONTROLLED S --- BROWN, KAYLEE ELIZABETH  219 THOMAS STEET SODDY DAISY, 37379  ... (click for more)

Latest Hamilton County Jail Booking Report

Here is the latest jail booking report from Hamilton County: BATTLE, FREDRICK LAMAR  2117 CHAMBERLIN AVE CHATTANOOGA, 37411  Age at Arrest: 55 years old Arresting Agency: Hamilton County VIOLATION OF PROBATION ( DOMESTIC ASSAULT ) --- BEAVERS, MALIK CADARIUS  3433 PERSIMMON LN CHATTANOOGA, 37406  Age at Arrest: 20 years old Arresting Agency: ... (click for more)

Teach For America Raises Concerns

For the last several years, many groups, individuals and parties interested in preserving public education for our children have stood firm as a rampantly growing privatization movement has descended upon our local educational landscape.  We saw last year the Department of Education push a plan that would form a partnership zone which could potentially lead to schools in the ... (click for more)

Roy Exum: Inequality & The Left

The story is told about a liberal politician who was getting a room full of snowflakes all heated up over equity and equality, which is big with the political Left right now. One of his handlers finally got the chance and whispered in his ear, “Use ‘fairness’ instead! That’s what sells … “ Afterwards a newspaper column read, “The liberals love fairness because it cannot be measured. ... (click for more)

John Gilpin Repeats As Signal Mountain 10K Winner

John Gilpin made it three in a row in the rain at Signal Mountain Saturday morning. He had claimed victory in both the Raccoon Mountain and Moccasin Bend 10K races in recent weeks before adding his second straight triumph at the Signal Mountain Pie Run, a hilly 6.2-mile race that starts and finishes at the Signal Mountain Athletic Club on Ault Road. Gilpin was all alone again ... (click for more)

Baylor, GPS, CCS Advance To State Soccer Semifinals

Baylor traveled to Briarcrest in Memphis on Saturday to compete for a Division II-AA final four spot.  After play to a 0-0 tie in the first half, Baylor would find itself down 1-0 in the 63rd minute when Anna Strong scored off a corner kick.  That lead did not last long as Ara Rhodes scored the game tying goal one minute later off an Avery David corner kick. Two minutes ... (click for more)