|
|
The Crown Point Redevelopment Project is a revitalization of the existing center at Crown Point, which comprises approximately 1/3 of the property within the Green Acres/Crown Point/Southland Redevelopment district. This is a $10,000,000 project and the Developer, Glenwood Development Company, has received approval of $750,000 in Tax Increment Financing. The project supports the City’s strategic initiatives and plan related to economic growth, development and redevelopment. It meets the objectives established in the Redevelopment Plan for Core Urban Areas of Kingsport, TN. Most specifically, it addresses the following objectives:
- Expansion of the property tax base and generation of sales tax revenue in order to maximize potential for economic return to the City;
- The design and construction of the facilities which will result in rejuvenation of commercial and retail activity in the project areas;
- Provision for better and/or more efficient use of land in the Redevelopment District;
- Provision for development opportunities, which create job opportunities in the community;
- Improvement of parking facilities and traffic circulation in the Redevelopment District and on adjacent streets;
- Maximization of potential for additional economic development in areas peripheral to the Redevelopment District;
- Elimination of obsolete and substandard buildings, inappropriate uses, conditions of blight and blighting influences, inadequate lot sizes, improper design and deleterious land uses;
- The promotion of a richer cultural environment through the beautification and general improvement.
Glenwood broke ground in December 2006 and will complete the project by December 2008. In summary, the new center will:
- provide approximately 24,370 sf of new space (10,000 additional sf to Food City store and 14,370 new retail space for new tenants)
- provide a flagship Food City store
- be a good first step in a comprehensive redevelopment of the Green Acres/Crown Point/Southland Redevelopment District
- provide infrastructure upgrades
- increase property tax revenues (longer term)
- provide benefits through the construction period (sales tax revenues and multiplier spending)
(courtesy of Jeff Fleming's Blog)
|
|
