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City hears petition to create Waldron Road Infrastructure Development District; petition projects assessments up to $1,750 per home
Summary
City-contracted attorney Betsy Knotts and developer representatives briefed the Board of Mayor and Aldermen on a petition to create a Waldron Road Infrastructure Development District (IDD). The petition estimates up to $1,750 per home annually over 30 years and an approximate $8 million infrastructure cost; a public hearing is scheduled for May 7.
Betsy Knotts, the attorney engaged by the city to explain a new Tennessee tool for financing development, told the Board of Mayor and Aldermen that an Infrastructure Development District (IDD) is a limited-duration area in which special assessments may be levied to pay for infrastructure that directly benefits properties in the district.
Knotts said these assessments are not property taxes but special annual charges included on property tax bills. “It’s an annual charge… It’s not a property tax,” she said, and added that the assessment is imposed only on properties within the district that receive a measurable benefit from the infrastructure installed.
Knotts noted the city received a petition for an IDD covering a development located entirely inside city limits, and she outlined the creation steps: a petition, a statutorily required review period, public…
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