TMP-March 28, 2008-5:11 p.m.

Rutherford County will benefit by $4.37 for every $1 in possible additional tax collections it forgoes to developers of the proposed Bible Park USA, says an independent cost-benefit analysis prepared for the county's Industrial Development Board.

The Economic Impact and Cost/Benefit Analysis by Younger Associates, an independent financial analysis group based in Jackson, Tenn., shows a 22-year TIF agreement with the proposed park would net the county $122 million while allowing developers to forgo almost $28 million in taxes.

Tax Increment Financing agreements were approved by the state legislature last session when the Bible Park idea first surfaced. It allows a developer to retain a portion, not exceeding 50 percent, of increased tax revenues to help offset initial costs.

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 that meets Wednesday

The Younger analysis projects the county would receive $3.8 million in tax revenues from park construction, $34.8 million from park operations, $19.8 million from visitor spending and $63.6 million from the TIF agreement during the 22-year period.

The proposal has drawn strong opposition from residents of the Blackman community.

A number of key meetings on the Bible Park proposal are upcoming, including:

• 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.