|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
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.
Subscribe to The Newport Plain Talk by clicking SUBSCRIBE.
Sign up for Breaking News emails from The Newport Plain Talk by clicking EMAIL ALERTS and inputting
your email address next to "Add Me" near the top right corner.