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.

 


Dalton Police Department Investigating Car Break-in

The Dalton Police Department is asking for the public’s help to identify a woman who was recorded by store surveillance using a credit card stolen from a car parked in a gym parking lot last week. The suspect used the stolen card to rack up more than $500 in fraudulent charges. The theft happened on Oct. 12,  at the Planet Fitness gym parking lot on Walnut Avenue. When ... (click for more)

Old Fort, Tn., Man Convicted Of Child Molestation In Murray County

Brian Jones, 47, of 155 Hoyt Browser Road, Old Ford, Tn.,  was convicted late  Thursday  by a Murray County Jury on three counts of child molestation and one count of sexual battery against a minor.    The case involved abuse against two children and the offenses were indicted separately in two different indictments by the Murray County Grand Jury ... (click for more)

Drink Up, Chattanooga

I attended the meeting to discuss the placement of the sewage treatment plant at the Cambridge Center in Ooltewah today. My problem with the meeting (aka) dog and pony show, is that the meeting started out with the agenda of the Ooltewah Community Council.  After living in this area for 45+ years I have never heard of this group.  I would like for someone to answer ... (click for more)

Roy Exum: Lee In A Landslide

The first time I met Bill Lee, the guy who is triggering a huge turnout of Tennessee voters across the state, I instantly liked him, admired him, and must have told a dozen friends that day we have the most exciting guy going to the Governor’s Mansion we’ve ever had. The best reason is because Bill Lee is real. His opponent, Karl Dean, is a Democrat and a longtime politician. Go ... (click for more)

Powerful Loretto Smacks Sale Creek, 3-1, For Class 1A State Volleyball Title

MURFREESBORO, Tenn. – Loretto ruined what could have been a nice little celebration for Sale Creek on Thursday at the TSSAA Class 1A state volleyball tournament at Middle Tennessee State University. Sale Creek (40-8), appearing in their fourth tournament and the title match for the first time, were victimized by a constant offensive attack and the potent Lady Mustangs rolled ... (click for more)

Area Soccer Teams Prep For Sectional, Quarterfinal Games

In Division I soccer, five area teams will play state sectionals games on Saturday.    Polk County and Signal Mountain will host games in Class A. In Class AA, McMinn Central will host a game and East Hamilton will be on the road.  In Class AAA, Soddy-Daisy is on the road.  Sectional winners will advance to the Division I state quarterfinals to be played ... (click for more)