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Tullahoma officials present Summerlin TIF plan to Coffee County; commissioners agree to place financing proposal on June agenda
Summary
Tullahoma Area Economic Development representatives and the developer presented a proposed Tax Increment Financing (TIF) district for the Summerlin mixed-use project, describing up to $18.4 million in TIF reimbursement over 20 years and projected new tax revenue; the committee voted to place the proposal on the June agenda.
Winston Brooks, director of the Tullahoma Area Economic Development Corporation, and Chris Rudd of Beacon Companies presented a proposed Tax Increment Financing (TIF) plan for the Summerlin mixed-use development at the Coffee County Budget & Finance meeting in May.
Brooks said the project is intended to address a local housing shortage and to create commercial space; he described Summerlin as a planned mixed-use development on the north side of Highway 41A that would include retail space and a range of housing types. Brooks said the developer’s economic impact analysis projects significant new property and sales tax revenue and construction jobs.
Brooks and the presentation materials described a TIF district that would reimburse the developer for identified…
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