The Nashville Redevelopment Commission has put together an economic plan and declaratory resolution which will go to the Brown County Area Plan Commission this week for approval, then to the Nashville Town Council as early as March.
If the documents pass those two steps, they would go back to the redevelopment commission for a confirmatory resolution.
The Nashville Redevelopment Commission approved a draft of proposed tax-increment financing (TIF) allocation areas on Oct. 6, 2020. The areas includes two commercial zones and one residential.
One of the commercial TIF areas, “Commercial B,” has existed since 2012. It generally includes property that is considered commercial in Nashville. It also would take in new areas near State Road 46 East/Parkview that include farmland (once eyed for the Blue Elk development), the Hesitation Point building and the Red Barn Jamboree.
Another proposed TIF area is “Commercial A,” which includes the Hard Truth Hills property on Old State Road 46 and connects via Artist Drive and State Road 135 North, up to the Quaff ON! brewery on 135 North.
“The intent was to capture what property is considered commercial or underdeveloped commercial,” commission adviser Ed Curtin explained.
The town has never had a residential TIF area before, because until recently, it wasn’t something the state allowed. Proposed area “Residential 1” includes undeveloped land between Coffey Hill Road and Tuck A Way Ridge Drive which is slated to become a new subdivision.
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TIF stands for tax-increment financing. In a TIF area, a portion of new property tax revenue is captured for use by the redevelopment commission. That new tax revenue is the difference between what that land was taxed at when it became part of the TIF area and what it is being taxed at now.
Bonding against that TIF money, or the increased property taxes that would come from that land, a redevelopment commission can take out loans for projects that would benefit the TIF area, such as sewers, sidewalks and more.
TIF also stops the flow of those new property taxes to any taxing unit besides the redevelopment commission for up to 25 years. The original taxes on the undeveloped property, though, keep being distributed. After the TIF expires, all taxing units receive the increased amount.
The plans will go before the Brown County Area Plan Commission (APC) on Tuesday, Feb. 23. That meeting will be conducted over Zoom at 6 p.m. You can watch at this link: https://zoom.us/j/8847334362, meeting ID: 884 733 4362.
