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Sevier County committees approve transferring county interest in property to Sevierville industrial board
Summary
A Sevier County joint committee approved Resolution 2026-03-18 to transfer the county's interest in specified parcels to the Sevierville Industrial Development Board with development covenants, escrow and resale terms; the resolution was forwarded to the full Board of Commissioners after an added request about sales tax treatment.
Sevier County’s Budget and Intergovernmental Joint Committee voted to approve Resolution 2026-03-18 on March 16, 2026, sending the measure to the full Board of Commissioners for final consideration. Commissioner Rick Valentine moved to accept the resolution and forward it to the board; Commissioner Ray Ogle seconded, and the motion passed unanimously.
Mayor Larry Waters, Vice Mayor Bryan McCarter and Allen Newton, executive director of the Sevier County Economic Development Council, presented the resolution and described sale and development terms. Presenters said the build-out timeline for the proposed mixed-use project is approximately 36 months and that the buyer would have 60 days to close. The buyer must place $50,000 in escrow that is initially refundable; the buyer may extend closing by paying a nonrefundable $50,000 for a 120-day extension and an additional $50,000 for a second 120-day extension (for $100,000 nonrefundable after extensions).
Committee members were told that if the buyer sells the property within the first 30 months, the City of Sevierville and Sevier County would receive 15% of the net profit. Presenters also said the county and city would have the right to re-purchase the property during the first 30 months for the sale price plus 15% if the buyer is not developing it as a mixed-use retail, restaurant, hotel and entertainment venue as required by covenants. The covenants as described would prohibit uses such as a casino, bingo hall, pool hall, massage parlor, car repair or rental agency, adult bookstore or entertainment club, and kennel or animal hospital.
During the motion, Commissioners Barbara Parton and Bryan Delius asked Mayor Waters to discuss with the City of Sevierville whether sales tax revenue from the parcels would be excluded from the Tennessee Downtown Zone (TDZ) with respect to the county’s 30% ownership; Commissioner Valentine added that request to his motion. The committee recorded the action and sent the resolution to the Board of Commissioners. The county’s Quit Claim Deed will not be executed until the Purchase Agreement is finalized and shared with the appropriate committees, officials said.
The joint meeting was called to order by Commissioner Kent Woods at 4:31 PM and adjourned at 4:59 PM.
