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Lawmakers clear local redevelopment tax district to support stadium site work
Summary
SB 2633 would authorize a local supplemental tax (up to 5%) within a redevelopment district to fund infrastructure and site improvements for a stadium redevelopment; sponsor said state support had previously enabled the Smokies' relocation and the committee voted to report the bill favorably.
Senator Seale described SB 2633, recounting that ‘‘in 2000, Sevier County and the city invested approximately $19,400,000 to build a public baseball stadium’’ and said the bill would authorize a local supplemental tax of up to 5% on admissions, lodging, restaurants and certain entertainment to fund redevelopment costs and site improvements.
Seale said revenue from the tax would be dedicated solely to redevelopment-related public investments and that the authority would sunset after 30 years; he also noted the bill would permit capture of a state sales-tax portion generated within the former stadium site to support redevelopment. Committee members had no further questions; fiscal review could not determine an exact fiscal impact and the bill passed the subcommittee with a positive recommendation (5–0).
The sponsor framed the change as an established local financing tool to fund redevelopment and infrastructure connected with a private franchise relocation. The committee placed the amendment (14724) on the bill before reporting it onward.
