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Kingsport approves financing framework and 25-year TIF for Dobyns Taylor warehouse redevelopment
Summary
The Board of Mayor and Aldermen approved a contribution agreement and a tax-increment financing amendment to back a proposed redevelopment of the Dobyns Taylor Warehouse into a 60-room boutique hotel, parking and event space. City leaders and KEDB emphasized developer guarantees and market analysis to limit city exposure.
Kingsport’s Board of Mayor and Aldermen on Nov. 18 approved a financial-contribution agreement and a tax-increment financing amendment to support a planned redevelopment of the Dobyns Taylor Warehouse at 435 Press Street.
Economic development director Steven Bauer told the board the project envisions a 60-room boutique hotel with a restaurant, bar, event venue and public parking. The Kingsport Economic Development Board recommended two financing loans: one not to exceed $3,000,000 (staff expects to borrow $2.5 million) for demolition, site work and a $1,000,000 incentive to the developer; and a…
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