The Greeneville and Greene County Industrial Development Board recommended a Tax Increment Finance (TIF) agreement to the City Council and Greene County Commission in effort to help fund the traffic signal project at the intersection of Serral Drive and the East Andrew Johnson Highway.
The TIF, which was included in an Economic Impact Plan for the Shops of Greeneville, is supposed to address the traffic congestion in that area. Surveys show that section of the 11E is already prone to accidents and is beyond the safe limits. The new restaurants opening by the end of this year will add to the traffic count.
The TIF has to be approved by both the Greeneville City Council and the Greene County Commission. With a TIF agreement, property taxes that are collected by the city or county are frozen for the duration of the project. The City Council gave approval for the TIF in their August meeting.
A request for the TIF approval came before the Budget and Finance Committee in their September 4th meeting. There was no action on the matter and there were no recommendations from members to move forward. Committee members Brad Peters and Robin Quillen did not see the benefits for the county. Peters felt there should have been discussions and planning in advance. After reviewing cost numbers, the county would reportedly be paying more into the project than the city.
The traffic signal project was briefly discussed at the Greeneville Municipal Planning Commission meeting this week. City Administrator Todd Smith told the board the discussion for the county to join in partnership with the city on the Economic Impact Plan died on the table during the Budget and Finance meeting. Unless a County Commissioner sponsors a resolution, the TIF cannot be utilized. The County Commission will meet on September 16th, 2024.
The city council will have further discussions on options to fund the traffic signal if the county commission decides to not approve the TIF. The council will meet on Tuesday, September 17th.
