The Greeneville City Council approved an economic impact plan during their meeting on Tuesday for the development of “Shops at Greeneville” located at the intersection of East Andrew Johnson Highway and Harlan Street.
The economic impact plan was prepared by the Industrial Development Board of Greeneville and Greene County and submitted to the council for approval. The governing bodies of both the town and county must approve this plan before it’s effective. The plan would permit certain tax increment financing that could fund the traffic signal recommended at the intersection of 11E and Serral Drive. The maximum amount of Tax Increment Revenues pursuant to this plan cannot exceed $450,000.
According to the economic impact plan, a portion of the incremental property tax revenues that results from the development will be allocated to the board and paid toward debt on the project. The developer of Shops at Greeneville and the town have both agreed that the installation of a traffic signal at that intersection is necessary in order for people to safely access the development and exit. The developer has already agreed to pay $100,000 toward the traffic signal project.
Since this development will include two nationally known restaurants, Texas Roadhouse and Panda Express, the site is expected to produce numerous economic benefits for the town and the county. But because this site is in such a congested area it will contribute to the traffic count, which is already beyond the limits that would consider it safe.
As of last week, there was no movement on the traffic signal project and no word on if it would be complete by the time TR was ready to open. The Greeneville Municipal Planning Commission approved the project with the hopes that it would be installed by the restaurant’s opening.
City Administrator Todd Smith told Radio Greeneville News the delay is because equipment for the project still has not arrived. He said once all the equipment is in, the project would only take a couple weeks. That opens up the possibility for the plan to move forward as scheduled.
Even if the traffic signal project doesn’t coincide with TR’s opening date; Smith reminded us there is still a plan in place to address traffic issues, the Five-Year Improvement Plan. Recommendations on the plan are estimated to cost around $20M over a period of time and gives the council a guideline for traffic improvements in areas like Rufe Taylor Road, Harlan Street, and Snapps Ferry Road.
