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Aetna Mt. Project Passes

288 views · Published 21 June 2012 · 2:21 · Indexed 10 November 2026

Channel: WTVC NewsChannel 9 · 2012 · News & Politics

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by Jana Barnello Developers of Black Creek Mountain now have approval from the Chattanooga City Council to move forward with the city's first ever TIF. That's a  Tax Increment Financing project. MBSC Black Creek, LLC developers will front the  million for a 1.5 mile mountain road that will connect the valley to the mountaintop community.  According to a release from the developers, they will pay themselves back over 13 years, using subsequent tax revenues over and above the taxes currently being paid.  The Hamilton County School System will continue to receive the full amount of tax income dedicated for that purpose.The city council approved Chattanooga's first-ever TIF project, but it wasn't unanimous. Councilwoman Deborah Scott, who represents Aetna Mountain as part of her district, voted against the TIF.Scott argued that even though the city won't pay a dime for the Aetna Mountain road, that doesn't mean other taxpayers won't. "I'm not opposed to the project. What I am opposed to is the diversion of taxes for other people that have been here for quite some time," Scott said. " And if you're diverting their taxes to pay for the services for a brand new community, then you're diverting those revenues from working on projects for the people that are already here."Developer Doug Stein says if all goes according to plan, they'll create six million dollars in new tax revenue for the city and county. The tax increases will come from building homes and stores around the road, thus increasing the property value and property taxes.Construction on the road will begin immediately.

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