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ALERT: Bible Park clears first hurdle


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ALERT: Bible Park clears first hurdle | BPU

TMP Photo by Kelly Hite. UT economist Mark Burton, briefly explained the economic impact studies commissioned by SafeHarbor, LLC and the Industrial Development Board.
Rutherford County Industrial Development Board reviewed plans for Bible Park USA today, voting 6-0 to send the proposal to the county commission.

IDB was charged with reviewing SafeHarbor, LLC’s economic impact plan of a proposed $175-200 million, 275-acre biblically themed park in Blackman Community.

“You’re to decide whether this area is available for Tax Increment Financing from real property tax,” IDB attorney Sumner Bouldin told the board. “Then it goes to the county commission in total. … If it passes (the commission), then it would come back to us for the issuance of bonds.”

The board found the plan meets state requirements and the developers qualify to tap into possibly $29 million in TIF funds. The vote was 6-0 with no members passing. The county commission has the final say in the future of the park at its May meeting.

IDB also found Bible Park USA meets requirements for real property tax based Tax Increment Financing (TIF).

TIF financing is money used for developers to make an investment in a community, said attorney J. Thomas Trent Jr. of Nashville who spoke to the County Commission’s Budget and Finance Committee last week.

Bonds to finance projects are then issued through the Industrial Development Board. TIF money, generated from the incremental increase in the sales and property taxes over the present use of the property, is used to pay down the debt on those bonds.

In regards to the economic impact plan, study co-author Mark Burton addressed the board and explained the study’s findings.

Burton and his partner Michael Hicks found the county will see an additional $3.8 million annually in sales and property taxes from the proposed Bible Park USA.

Also the park would create 1,450 fulltime and partime jobs to add $17 million in income to residents, the report stated.

Also, the project is expected to create about 1,350 new tourism jobs producing $55 million in income over five years, the report stated. The tourism jobs will be produced from the construction and development of six 250-room hotels and an additional 20 restaurants with about $277 in construction costs, the report stated.

“We were as conservative as we could possibly be … in the assumptions we made,” Burton said.

However, comments made during the public hearing questioned the independent nature and validity of the economic impact study and projections. Many asked for more transparency in the process.

“We all can make projections, but they don’t always come true,” Gerald Sullivan said to the board.

Others questioned the private use of public money on a project as controversial as Bible Park USA and asked the IBD to “be good steward’s of taxpayer money.”

Murfreesboro resident Billy Pittman summed up this sentiment.

“I want to build a new house. So I want Rutherford County to provide TIF money for it because it will be bigger and produce more property tax revenue,” Pittman said.

Michelle Willard can be contacted at (615) 869-0816 or mwillard@murfreesboropost.com.
 
 
 
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Member Opinions:
By: diddlede on 4/2/08
Why is this article saying that it was passed on with the IDB's "approval" and the DNJ is saying it passed on neither "approved" or "disapproved". Which is the real truth of the matter. Can anyone answer this for me.

By: ThePost on 4/2/08
Read the story. The IDB, as the article says, agreed that the Bible Park proposal meets the criteria for a TIF and passed the proposal on to the county commission. The IDB does not have the jurisdiction to allow or deny the park.

By: diddlede on 4/2/08
No one has to reply to my post as I called Mr. Baker, IDB Chairman, and got the actually answers as to what happened at the IDB meeting this morning. Their decision was based on whether or not it was a "viable project". No decision was made on TIF nor did it have any affect on the rezoning. This will be up to the Regional Planning Commission and the full County Commission.

By: peri_winkle on 4/2/08
If their decision was based on whether it is a viable project, then they missed the boat by a mile. Talk about shirking your fiduciary duty! It's "apparent" viability hinges entirely on Bar-Tur's assertions. I'm afraid the whole county is going to get a little lesson in the difference between assertion and fact--a very costly little lesson. Is the IDB intimidated by Bar-Tur, Dr. Burton, the Chamber, or what? They didn't even peek behind the curtain!

By: thinkingman on 4/2/08
1,450 full and part time jobs with a payroll of $17 million equates to an average og $11,500 each. And you know, like everything else he's stretching the truth on every number he provides.

You'll be able to count the full time jobs with benefits paying over $50K on one hand, and that small handful will be the only ones capable of buying up our homes when we move to a county that has a CLUE about development.

By: peri_winkle on 4/2/08
That's right, TM. Figures from the feds show that workers in the entertainment/amusement industry sector in this county--including management workers--averaged just $14k per year in 2006. The rest of the jobs this thing would bring (after the initial flush of construction, which excites our developers b/c it keeps their guys employed during this slump) would be accommodations and food service workers. They averaged less than $13k per year in 2006. That's what the Bible park will bring. Yeah, that deserves a TIF all right.


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