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Commission approves tax-increment financing plan for Merchant’s Green Crossing
Summary
The finance committee approved an economic impact plan authorizing tax-increment financing (TIF) for the Merchant’s Green Crossing retail development following a presentation by bond counsel and developer representatives; commissioners voted to move forward after a public presentation and brief Q&A.
The Hamblen County finance committee approved a resolution authorizing an economic impact plan that would enable tax-increment financing for the Merchant’s Green Crossing retail development.
Jay Moneyhine, an attorney with Bass, Berry & Sims serving as bond counsel to the Industrial Development Board, explained that the Industrial Development Board reviewed an applicant’s TIF application, held the required public hearing (after a 14-day newspaper notice), received no objections at that hearing and recommended the plan to county decisionmakers. Moneyhine said the plan would use incremental property and sales tax revenues to finance infrastructure improvements that benefit the development and surrounding parcels.
Developer Frank McGuffin declined to name prospective tenants, saying the tenants are not in-county and are under confidentiality agreements. Commissioners asked about parcel boundaries and impacts on nearby homeowners; counsel said the plan lists parcel ID numbers in the plan and that the development would not change homeowners’ property tax amounts or displace residents.
A motion to approve the TIF resolution was made, seconded and the committee voted — "motion carries" — advancing the economic impact plan for Merchant’s Green Crossing. The resolution was recorded as carried by voice vote.
