State Representative Esther Helton successfully passed legislation to extend the investment period for border region cities, which include East Ridge, Bristol and Kingsport. House Bill 330 passed with unanimous support in both the House and the Senate.
House Bill 330 extends the payback period from 30-35 years from during which a certain portion of state sales taxes are allocated and distributed to a municipality or industrial development corporation that finances the development of an extraordinary retail or tourism facility project in a certified border region retail tourism development district.
The Border Region Retail Tourism Development District Act was enacted in 2011 to increase tourism and competitiveness of border cities with neighboring states. This is done by empowering local governments to encourage the development of extraordinary retail or tourism facilities, including shopping, recreational and other activities.
“East Ridge’s designation as a border region city has contributed to much of our economic opportunity, growth and success,” Rep. Helton said. “I was proud to carry this bill to continue to allow East Ridge to remain a competitive city for tourism in the state, and I appreciate my colleagues’ overwhelming support of this legislation.”
House Bill 330 now heads to the governor’s desk for his signature. For more information, click here.