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Bible Park to net county $3.8M annually: study


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Rutherford County will gain about $3.8 million annually in sales and property taxes from the proposed Bible Park USA, an Industrial Development Board summary report stated.

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

Also, the project will 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.

IDB members meeting Wednesday are expected to review the project along with a summary report, an independent report by Younger Associates of Jackson and a report from University Research Group commissioned by the attorneys representing developer SafeHarbor Holding.

In the independent study, President Sharon Younger at Younger Associates said her market research company examined the potential tax revenues Rutherford County would forego ($28 million) and tax revenues ($122 million) the county would gain with Tax Increment Financing to determine the county would receive more than it gave up.

“Over the life span of 22 years to pay off the bond, the county receives $4.37 in economic benefit for every $1 of taxes they have given up,” Younger said.

Developers project 1.2 million visitors the first year of operations.

The figures are based on the projected number of people who will visit the park and spend money outside the park, Younger said. Researchers used conservative figures on what tourists would spend outside the park.

Younger Associates have prepared previous studies for IDB projects, the president said.
IDB members also have available the University Research Group study comprised of the two UT-trained economists experienced in identifying and estimating regional economic impacts.

“It is the team aim to provide a balanced study that will inform ongoing discussions,” the professors stated. “Beyond this single aim, we have no interest in any specific outcome.”

Some of the highlights of the developer-commissioned study include:

• There is no immediate observation the park will require significant local public spending other than the highway interchange connecting the park to the interstate.

• Park visitors are expected to spend millions of dollars annually, with most expenditures adding to the local sales tax. Also, the Bible Park will be subject to property taxes for new tax revenue.

• Seasonal labor at the park may drive up the cost of labor for other users. While the wage increase may result in higher wages for other companies, workers will benefit by earning higher wages.

• “It is easy to envision local residents, who otherwise have nothing to do with the park, suffering inconveniences simply because of their proximity to the park.” Bible Park developers seem to incur extra costs now to make sure residents don’t feel the impact such as a traffic plan with minimal impact on local traffic, a buffer between the park and residents, directional lighting and noise reduction.
• Commercial property values near the park and interstate should rise.

• Emergency services such as police and fire protection should have little additional costs.
• There is no reason to expect the theme park will affect residential property values for most homes. Because the developers are trying to minimize the impact, “any widespread concern regarding residential property values is unfounded.”

• The theme park “could provide a robustness and stability to the local economy that will extend well beyond the current period of expansion. This is particularly true with regard to county finances.”

Lisa Marchesoni may be reached at 869-0814 and lmarchesoni@murfreesboropost.com.
Bible Park USA proposes to build a 150-acres theme park in the Blackman community off state Route 840 on Beesley Road.

About 250 Blackman residents opposed to the park rallied against the development Saturday at Blackman United Methodist Church.

In a statement, SafeHarbor developer Armon Bar-Tur said, “The findings released by Rutherford County’s own consultants not only confirm the positive projections recently produced by University of Tennessee economists but in many cases outpace them.

“By every economic measure, Younger confirms the strength of the Bible Park project and the potential it has to contribute significantly to the overall economy of Rutherford County for years to come,” said Bar-Tur.

In the independent study, President Sharon Younger at Younger Associates said her market research company examined the potential tax revenues Rutherford County would forego ($28 million) and tax revenues ($122 million) the county would gain with Tax Increment Financing
 
 
 
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Member Opinions:
By: aljo on 3/30/08
The conclusions of this report seem to rest on the assumption that the park will be very successful at drawing visitors. Where are the projections of the costs if the park is not successful?

By: diddlede on 3/30/08
I have been wondering the same thing about the projections of the costs if the park fails. Seems this is being left out on purpose so the taxpayers of Rutherford will not know the complete truth.

I had figured out long ago before this article, in doing research on the developers and their investors in different projects over the last few years, that they would be buying up more land and building hotels, restaurants (the article should have included shopping centers too). "Six 250 room hotels and additional 20 restaurants".

The exodus has already started in the Blackman Community. The developers along with their millionaire and billionaire investors are buying up all of New York and Manhattan so why would they not come into Rutherford County and community of Blackman and use it to make themselves richer? If they have the money for all this additional planned construction, why can't they use their own monies instead of asking the county for Tax Increment Financing? Tax Increment Financing is only granted to a city or county one time. The county had better be completely sure, without any doubts, this is the way they want to use Tax Increment Financing.

If this development passes with a "yes" by the Rutherford County Commission it will soon have the name "Bible Park City".

By: peri_winkle on 3/31/08
There's nothing independent about a study (or two studies) that rely on the developer's own attendance figures to drive their analyses.

How 'bout some proof that those figures are reasonable? Or even a media outlet that will raise that very basic and totally reasonable question? In the absence of same, and on the advice of the wise sage from TACIR, we will take that question to the county commission, its various boards and committees, and to the IDB itself.

It's a dirty job, but somebody's got to do it.

p.s., is it laziness, gullibility, or what exactly that causes the media et al. to accept the developer's assertions as fact?

By: ThePost on 3/31/08
Don't kill the messenger. The media is provided the information and it passes it on to the public to inform them. That's how it works. If we didn't present the reports, you would be accusing the media of covering them up. I would suggest that you stay on point and quit shifting the blame.

By: peri_winkle on 4/1/08
I'll grant you that, ThePost. You did better in this one than in most. My comment should have made clear that my complaint applies more broadly than just this particular article. Too many others have not attributed the developer's statements as this one did.

That's my complaint, and it applies to the last paragraph of even this article. I stand by my general statement: the Younger report is not independent. It relies on the developer's assertions about revenue and about attendance. To call it independent is to take someone's word that you should question. That's what I'm saying.

By: diddlede on 4/1/08
As I mentioned in one of my previous posts, if you wanted to purchase my house and I told you it was a $65,000,000.00 home with 7 bedrooms and a swimming pool with gold inlay would you take my word for it and buy it sight unseen. Don't think so. This seems to be what the developers are asking the County to do. Just take their word for it. Don't believe their word is good enough and don't believe they are to be trusted.

The County needs to verify the figures that Bar-Tur is putting out by having someone not connected to the developers do a feasibility study.

By: thinkingman on 4/2/08
Like the Bible Park will really draw more paying customers than Colonial Williamsburg and Holy Land Experience combined.

11,000 people a day average? Check the weather. How many people will vbisit on a rainy Monday in April? Smell the coffee folks, this guy is a swindler who thinks Tennesseans are stupid.


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