By Lisa Marchesoni- March 27, 2008 - 7 PM

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.