City Council approves TIF for three retail developments
Clinton City Council passed three tax increment financing (TIF) proposals, or Economic Impact Plans, for three separate retail ventures.
First the city passed a TIF for Black Horse Capital Partners and a proposed development for a retail shopping complex. The 16-acre site would have two retail units in the first phase, Andy Hillmer, principal broker for Southern Commercial LLC of Knoxville told council Monday night.
Hillmer said developers hoped “to be moving dirt” by the end of the year.
As part of the Black Horse project, Sinking Springs Road would undergo renovations as well, eliminating the curved intersection the road has with Charles Seivers Boulevard and instead cut straight across on one of the plots.
Hillmer said a connection at the Doe Run intersection would be ideal, which could mean a traffic light being placed at that intersection.
The second TIF is for ST NL Clinton, which plans on putting a Tractor Supply Company next to Fox Toyota on Fox Family Lane.
Dave Howitz of ST NL Clinton told council, “In the best case scenario we’ll begin construction in November.”
But, he added, he didn’t think that would happen. “There are still a lot of things to be done,” he told council. “The worst case scenario is we start construction in spring.”
Clinton Planning Commission approved preliminary site plans for the Tractor Supply Company building, Councilman Larry Gann told council during his report from the planning commission, given earlier in the meeting.
Howitz said the Clinton location was up in the air at first. He said that efforts from the Anderson County Chamber of Commerce and the location — off and interstate exit — were two factors that sold Tractor Supply on the building.
Howtiz said the store is a $3.7 million investment for the company.
He noted the current property tax of $7,000 is expected to balloon to $56,000 once the store is operational — the TIF means Tractor Supply will still only pay $7,000 — but that projections show Tractor Supply Company will bring in $100,000 annually in sales tax revenue.
The third TIF approved is for SW Clinton, which plans on building a retail development between Walgreen’s and the JA building on the campus of Anderson County High School.
Christy Hicks told council the development will have “six or seven” retail buildings.
That development would have access to Frank Diggs Drive. No timetable was given for when construction might begin.