One day after Tennessee lawmakers passed a bill that could set the stage for a major retail development in Johnson City, one developer is helping make that happen reveals new details about the proposal.
The development would be in Boones Creek in a 9500-acre area off Interstate 26.
Lawmakers made sure the legislation included a way to lure developers in with a tax management plan similar to one carries out in Sullivan County resulting in the “Pinnacle Retail Development.”
This plan is in hopes that a retail development would bring in millions for Johnson City.
Developer Joe Wilson and a group of other developers have been asking the legislators to create the act for Washington County.
The act is called the Regional Retail Tourism Development Act.
“We’ve been working on this since approximately twelve months ago. We put this idea together and we started working with our local legislators and without those gentleman we would not have gotten anywhere as far down the road as we are now,” said Wilson.
The act would increase tourism and the competitiveness with boarding states and would allow Johnson City to pass an ordinance where only 25% of the taxes going to the state, the rest of the money going back into the city.
“It will allow Johnson City to pass an ordinance to create that zone. Seventy-five percent of the sales and use tax that would come from those retail businesses there instead of going to the state. All those taxes would stay in the city in trust and would be used to develop that cite,” said Senator Rusty Crowe who was a main contributor of getting the act passed along with Representatives Matthew Hill and Micah Van Huss.
Senator Crowe said it was the last bill passed during Tennessee’s 20198 sessions but one of the most important to the area,
“That’s probably one of the most important pieces of economic legislation we’ve passed in years and years and years for Washington County and North East Tennessee.”
The shopping center would be modeled after ‘The Pinnacle‘ in Bristol and would be on the 950 acre land behind Pal’s on Boones Creek on Browns Mill Boulevard.
“The Boones Creek area is a growing area. We have been studying this. We have had economic developers working with this. We are just so excited about the opportunity. It’s going to bring tourism to this area, new construction, new sales tax,” said Wilson.
Wilson would not give News Channel 11 any names on what retailers would be going into the shopping center. However, he said he does have contracts with several businesses.
“We have been working with some big boxes that have expressed an interest in coming to Johnson city and have looked at this location. So we feel like this is just a prime location in the Tri-Cities now for a new development.”
Senator Crowe said that he heard that Costco could be one of those businesses. To learn more about what he said, Click Here.