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Commission approves tax-increment plan for Merchants Green retail project
Summary
The Hamblen County Commission approved an economic impact plan authorizing tax-increment financing for the Merchants Green retail development after the Industrial Development Board and its public hearing recommended approval; developers said no current county tenants will be displaced and parcel IDs are included in the plan.
Hamblen County commissioners voted May 11 to approve an economic impact plan that will authorize tax-increment financing (TIF) for the proposed Merchants Green retail development. Attorney Jay Moneyhun, acting as counsel to the Industrial Development Board, told commissioners the board reviewed the project's application, held the 14-day-notice public hearing required by state law and received no public objections before forwarding the plan to the county for approval.
Moneyhun said the plan would allow tax increments — the increase in property and sales tax revenue generated by the project — to fund infrastructure improvements tied to the development. Developer Frank McGuffin, who identified himself by street address, declined to name prospective tenants but said the anchor and other retailers are not currently located in Hamblen County and “will be a major asset to our community.”
Residents asked whether the plan would affect nearby homes. McGuffin and Moneyhun said the application includes parcel ID numbers and that the project would not require homeowners to sell or change the amount of property tax they pay. “It would not affect the homeowners at all,” Moneyhun said during Q&A.
Commissioner Miss Ahern moved to approve the resolution; Commissioner Harville seconded the motion and it carried by voice vote. The IDB is the local step in a state-authorized TIF process and the county must now act on the economic impact plan to allow the financing to proceed.
The approval authorizes staff to move ahead with the next steps in the TIF process; commissioners said additional details about tenants, construction timelines and final infrastructure agreements will be presented as they become available.
