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Kingsport approves economic-development contribution tied to Pavilion redevelopment
Summary
The board approved a financial contribution to the Industrial Development Board to support redevelopment of the Kingsport Pavilion shopping center; officials said occupancy has risen above 95% since earlier investments and the city will make payments over 10 years per loan terms.
The Board of Mayor and Aldermen on March 18 approved a resolution authorizing a financial contribution to the Industrial Development Board (IDB) to support redevelopment and improvements at the Kingsport Pavilion shopping center.
City staff recapped a multi-year partnership that included earlier city and county investments designed to attract new tenants and reduce vacancy. Staff said the center is now over 95% occupied — a level staff described as historically high for the property — and that new occupancy has restored sales- and property-tax revenue and stimulated further private investment in the corridor.
The resolution authorizes the city to provide funding for the IDB’s loan with Bank of Tennessee; financing terms discussed included a 10-year repayment schedule at an interest rate cited by staff. The city-manager’s presentation stated that revenue-generation from increased sales and property taxes will help offset the contribution, and that the investment is intended to spur broader economic activity beyond the shopping center.
Board members commended staff, the IDB and private developers for the turnaround. The board approved the resolution by voice vote, 6–0.
