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Board approves Summerlin economic-impact plan, authorizes TIF to fund infrastructure
Summary
The Tullahoma Board of Mayor and Aldermen approved an economic-impact plan and authorized steps to implement a tax-increment financing arrangement for the Summerlin mixed-use development, enabling reimbursement or debt service for public infrastructure up to a stated cap.
The Tullahoma Board of Mayor and Aldermen voted to approve an economic-impact plan for the Summerlin mixed‑use development and authorized city officials to take actions necessary to implement a tax‑increment financing (TIF) program for the project. The resolution passed by board vote (recorded as six yes votes).
The plan, presented by Winston Brooks on behalf of the Tullahoma Area Economic Development Corporation (TAEDC), would support public infrastructure and eligible project costs through TIF. "This is a fair deal and is going to be an exciting development for Tullahoma that will provide many economic development benefits as well as be a catalyst to build out the rest of North Jackson," Brooks said.
Under the application and the economic analysis submitted with it, the development would include…
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