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Kingsport approves financial support and 25-year TIF for Dobyns Taylor warehouse redevelopment
Summary
The Board of Mayor and Aldermen authorized a contribution agreement and a tax-increment financing amendment to support a proposed 60-room boutique hotel and public parking at the Dobyns Taylor warehouse site at 435 Press Street; city and KEDB outlined loan structures and risk mitigations.
The Board of Mayor and Aldermen on Nov. 18 approved a resolution authorizing the city to contribute funds, if needed, to the Industrial Development Board (Kingsport Economic Development Board) to support the proposed Dobyns Taylor warehouse redevelopment at 435 Press Street and separately approved an amendment to the Downtown Kingsport redevelopment district to provide tax-increment financing (TIF).
Economic development director Steven Bauer outlined the redevelopment as a 60-room boutique hotel with an attached restaurant, bar and small event venue, plus a public parking lot. He said KEDB pursued two loan packages: Loan 1 not to exceed $3,000,000 (staff expects to borrow about $2.5 million) to cover demolition, civil site work and a $1,000,000 incentive to the developer; Loan 2 not…
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