The City Council voted to authorize TIF financing in Bristol, Tennessee August 2, 2022. The authorization was for additional financing to develop The Overlook Project near Raceday Center. The Overlook project is building 158 single-family residences and townhomes.
The Overlook Project developer, Land Star Partners, LLC, had already been approved for $1.7 million in Tax Increment Financing (TIF). Land Star Partners is seeking $400,000 in additional TIF to cover increased costs for labor and materials, for a total of $2.1 million to develop the project.
The Overlook project is located on Raceday Center Drive near the Bristol Motor Speedway on U.S. Highway 11E. Landstar Partners plans to build 96 single-family homes and 62 townhouses. According to the TIF amendment, costs are currently projected at nearly $6.5 million. Landstar plans to sell the lots to a home builder to do the construction.
The amendment to the TIF filing estimates the total investment by the developer and builder to be around $38 million. Should Sullivan County approve the measure, $2.1 million would be issued by Bristol Housing using tax increment-based debt amortized over 20 years.
TIF projects give cities and counties tools to retain, recruit, and grow businesses and industries. Tax Increment Financing is a method utilized by local governments to pay for community improvements with future tax revenues.
Sullivan County Commissioners are expected to review the TIF amendment on August 18 at their regularly scheduled county commission meeting.
Land Star Partners, LLC, is a minority/woman-owned business based at 367 Hog Hollow Road in Johnson City, Tennessee.