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Council approves TIF amendment to clear Volunteer Plaza site for grocery 'Project Stripe'
Summary
The Bristol City Council unanimously approved Resolution 26-55 to amend the Volunteer Plaza Tax Increment Financing (TIF) district to support 'Project Stripe,' a developer-backed plan to site an Aldi grocery store on a 2.6-acre parcel; the developer requests up to $500,000 in TIF assistance and expects roughly $13 million in annual taxable sales, with county approval still required before construction.
The Bristol, Tennessee City Council on May 4 unanimously approved Resolution 26-55 to amend the Volunteer Plaza Redevelopment District’s tax-increment financing plan to support "Project Stripe," a proposed Aldi grocery on a 2.6-acre site.
Tom Anderson, the city economic development presenter, told the council the amendment is tied to work begun in 2015 and is intended "to go for the redevelopment of this site" and to resolve a blighting influence at the parcel. Anderson said the developer (presented in materials as Gatsy Leasing) requested TIF assistance "up to $500,000, not to exceed," with a possible term of up to 20 years. As presented, staff estimated the site’s current assessed value at about $361,000 and a post-construction assessed value near $1.6 million; Anderson said the project would employ roughly 12–18 people and that annual taxable sales were anticipated to be about $13 million.
The council’s motion to approve passed on a unanimous roll call by the four voting members present. The resolution follows a unanimous April vote by the Housing Authority to adopt the amendment; Anderson said the next step is county commission approval before site work may begin this summer and store opening could occur next year if approvals proceed.
Why it matters: locating a full-service grocery on Volunteer Parkway is intended to spur redevelopment of a property the city characterized as blighted, create local jobs and expand the city’s retail tax base. Staff projections presented to council identified an estimated increment available for debt service and cited local-option tax collections tied to projected sales.
What the council recorded and what remains to be resolved: the staff presentation supplied multiple numerical estimates (assessed values, projected sales, employment and tax increments). Those figures were presented by staff as project estimates and will be finalized once formal development submittals and county approvals occur. Council discussion was supportive and focused on local economic benefits; no amendments were offered at the May 4 vote.
Next steps: if the county commission adopts a matching amendment, the developer may begin pad preparation this summer. The council’s approval authorizes the city to proceed with the TIF amendment process as described in staff materials.
