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Attorney: Taxpayers not liable for Bible Park funding


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Rutherford County taxpayers will have no liability if the county allows the tax increment financing for Bible Park USA, an attorney said Thursday.

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. Bonds are issued to finance projects under the Industrial Development Board.

Bonds are repaid through the incremental increase in the sales and property taxes over the present use of the property, he explained. Increments come from new money generated from the project. The commission may also enact a maximum 5 percent privilege tax on tickets.

SafeHarbor Holding proposes to build Bible Park USA, a 150-acre theme park off Blackman Road near the state Route 840 interchange at Beesley Road. Developers are seeking TIF through the Industrial Development Board.

About 50 people attended the meeting with the commissioners.

Executive Director Harry A. Green of the Tennessee Advisory Commission on Intergovernmental Relations suggested commissioners should evaluate the project to determine if it will:

• Create a development that wouldn’t have occurred otherwise.

• Improve the quality of life through income, traffic and public safety.

• Show an economic impact based on sound assumptions, revenue and effect on other businesses.

• Involve the public by providing economic impact documents.

The process “must be abundantly transparent” so people can judge the impact with enough information, Green said.

Commissioner Robert Peay asked who would be responsible for TIF.

Trent said the county would not be liable. The bonds are paid from money generated at the park. If no money is generated, the bondholder takes the risk.

Green said some developers are known to exaggerate facts. He urged commissioners to study the project carefully with questions answered and analysis. If the plan fails, the county ought to have a plan for the future.

Commissioner Bob Bullen asked what the county wanted from the project.

“You want a project that would bring more professional people in the community,” Bullen answered.

Trent said if the average wage was 150 percent higher, the decision to support the project would be easy. But Trent said commissioners might want to ask what else the community needs such as affordable housing and jobs for children returning home.

Commissioner Rick Hall asked about the effect on the county’s credit rating if the bond isn’t paid.

Trent said if a default occurs, it won’t affect the county’s credit rating.

Bullen said expressed concern about giving a tax break. He wondered if other counties were vying for the project.

He asked why should the county give incentives if the project has the financial backing.

Both Trent and Green said they were not familiar with SafeHarbor.

Commissioner Jeff Jordan asked Green if commissioners should consider his suggestions the project should encourage private development and raise property taxes.

Green said he would hope commissioners would use his suggestions, adding the project deserves a careful review.

Budget Chair Joyce Ealy listed upcoming meetings about Bible Park USA.

• The Industrial Development Board will meet April 2 at the Rutherford County Chamber of Commerce.

• Future Development Committee members will hear a proposal for rezoning at 1 p.m. April 3.

• The Regional Planning Commission will hold a public hearing at 5 p.m. April 14.

• County commissioners will consider the project at 6 p.m. May 15 at the Rutherford County Courthouse.

 
 
 
Tagged under  BPU


Member Opinions:
By: bota on 3/28/08
The park will attract other neat things like souvenir shops and trailer/RV parks that will pay taxes and generate sales tax revenue, so where's the problem?

By: thinkingman on 3/28/08
Once again one of Bar Tur's paid henchmen is distorting the facts. By granting a "once every 20 years" gift to this Trojan Horse, our leaders would eliminate such an enticement should a legitimate business with real, high paying professional jobs coming to Rutherford. And there is no free lunch in physics, economics or life. If the park fails where will the money come from to pay off the millions in infrastructure that is no longer being remitted?

It is a fact that TIFs eventually raise taxes in an area because the businesses granted TIFs take the place of whatever would have been developed and generating tax revenues on the land in question.

Williamson County showed the world what they are all about when they granted a TIF to Nissan's North American headquarters that brought in 1,200 white collar jobs. Does Rutherford County want to tell the world we're so naive as to bet the farm on a risky Bible Theme Park that will at best generate a few hundred $7 - $10/hour part time jobs? Do we want to fall for the carpetbaggers' claims that it will draw more people than Dollywood or Opryland?

Come to the rally at 10 am tomorrow at the Blackman Community Center on Manson Pike. Find out how you can stop taxpayers from getting fleeced by this New Yorker. Help us stop the madness!

By: diddlede on 3/28/08
thinkingman,

Nice observation of the Bible Theme Park.

bota,
ask yourself if you would want this in your neighborhood or in your back door. Then look at the fact the residential neighborhood was there before the developers settled on this property. They will not stop with the Bible Park as they are looking to buy more land around the Park (2 parcels). This is tearing the Blackman neighborhood all to pieces.

After asking yourself these questions, if you can still agree with this development then so be it.

By: diddlede on 3/29/08
If I understand correctly the taxpayers might not be liable, but the Tax Increment Financing is a ONE TIME use. To use TIF on this Bible Park would be a big mistake. Should the County not be interested in looking at some business enterprise, other than a Bible Park, that would bring in jobs and county tax dollars? No one can convenience me that there are not other businesses, out there somewhere, that are looking to locate to Rutherford County.

Maybe we need a new leader at the Chamber of Commerce because it seems this is the best she (Holly Sears) could come up with.

By: diddlede on 3/29/08
Come to these meetings in "opposition" to the Bible Park USA.

1. Rutherford County Future Development
Committee meeting on April 3 at 1:00
p.m.in the Rutherford County Courthouse.

2. Rutherford County Regional Planning
Commission meeting on April 14 at 5:00
p.m in the Rutherford County Courthouse.

3. Rutherford County Commission meeting on
May 15 at 6:00 p.m. in the Rutherford
County Courthouse. This meeting will
deal with the re-zoning request
of the developers for the Park.

Stand up for what you believe!

Please wear "RED" if possible.


Login and voice your opinion!
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