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Committee extends border-region retail tourism program, raises private investment threshold
Summary
Members advanced an amendment to extend the Border Region Retail Tourism Development District investment and reimbursement periods, set a $2,000,000 minimum private investment to qualify, and specify a 50/50 municipal/developer revenue split; bill moves to Finance (19–0).
The committee approved an amendment to House Bill 7-25 that would extend and adjust the state's Border Region Retail Tourism Development District structure. The sponsor said the 2011 law would be extended five years for the investment window and reimbursement period, with a $2,000,000 minimum private investment threshold and a 50/50 split of final-year revenue between the municipality and the investing developer.
"The border region retail tourism development district enacted in 2011 is a Tennessee law designed to boost economic development in border cities by enabling them to capture a portion of state sales tax to fund large scale retail or tourism projects," the sponsor said. The sponsor described the bill as expanding the act's investment and reimbursement periods and codifying the revenue split. The committee advanced the amended bill to Finance, Ways and Means (recorded vote: 19 ayes, 0 nos).
Supporters said the measure targets Bristol, Kingsport and Eastridge areas and is intended to incentivize cross‑border investment and development; members asked clarifying questions about thresholds and municipal revenue sharing.
