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Final payment made on Newport Town Center

Published: 8:47 AM, 04/16/2013

Author: Rick Hooper
Source: The Newport Plain Talk

NEWPORT—Members of the Cocke County Legislative Body were advised Monday that the final payment has been made on TIF (tax incentive financing) for the Newport Town Center, which includes Lowe’s home improvement store.

Partnership President Don Hurst announced Monday the last payment on the project was made at the end of March.

“We actually made seven payments,” said Hurst. “All of the money went for infrastructure. Since it opened, sales tax collections have gone up $1 million per year and it has $40 million in annual sales.

“We didn’t go into your budget at all. The best way is to let the deal finance itself. This process worked.”

For more details, please see the Tuesday edition of the Newport Plain Talk.

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