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