"This land is highly visible, relatively easy to develop, and geographically centered in the Tri-Cities' wealthiest area," WCEDC CEO Robert Reynolds said.
"Maintaining Washington County and Johnson City's status as the region's retail leader is crucial to our community's future growth and fiscal stability.
This site gives us the best opportunity to enhance our retail leadership in a way that protects taxpayers in today's highly competitive development environment."
said the TIF arrangement is based on a "but for" assumption - but for (or without) the TIF incentive, the property almost certainly would remain undeveloped, and therefore remain at its assessed value.
"There is a direct correlation between strong sales tax revenue and lower property tax rates," Reynolds
"We believe this project-based TIF will enhance our competitiveness in recruiting retail development," Reynolds