Hudson Terrace Developer Appeals for Extension of TIF Agreement
Project Facing Delays Due to Pandemic and Supply Chain Disruptions
BRISTOL, Tenn. – The development team behind the much-anticipated Hudson Terrace project has petitioned the Bristol, Tennessee City Council for a two-year extension to their Tax Increment Financing (TIF) period. The application came on the back of setbacks stemming from the COVID-19 crisis and associated supply chain disruptions.
Request for Extension
Justin Gonzalez, the representative for Land Star Partners and the development project, highlighted the impact of these unforeseen challenges during a City Council Work session held on Tuesday. He explained that their original timeline, which included a completed construction date and a full appraisal of the site by September 2024, was disrupted by factors beyond their control. As such, these critical project milestones are now projected for September 2026.
Details of the Project
The Hudson Terrace, formerly known as The Overlook, is a well-placed Rochester property, located conveniently across the Volunteer Parkway, U.S. 11E, from the renowned Bristol Motor Speedway. The name change was instigated to avoid any potential conflict with other developments in the area, as informed by their vertical building partner.
Importance of the TIF Agreement
The TIF agreement is a significant mechanism by which localities forgo the collection of higher taxes on properties undergoing improvements with the aim of encouraging development. This arrangement facilitates developers in covering some costs through tax savings, ultimately fostering growth and development in local areas.
Next Steps
Steve Scyphers, the Executive Director of the Bristol, Tennessee Housing Authority, outlined the next steps, subject to the TIF approval by his board and Council agreement. A public hearing will be arranged for June 26, as he explained, “From our point of view, it’s just a matter of doing an amendment; having a public hearing. If it’s approved by my board, it comes back to you for approval.”
Hearsay from the County Commission
Should the City Council approve the TIF extension appeal, an amendment to the agreement will be sent to the Sullivan County Commission for ratification. The Hudson Terrace project, therefore, hangs in the balance, awaiting crucial decisions that will surely impact its now revised timeline.
