WASHINGTON COUNTY, Tenn. (WJHL) — Washington County Commissioners approved a resolution Monday night that will raise the Johnson City Development Authority’s TIF debt limit from an $11 million fixed amount to 10% of the property value within the district.
The resolution passed 8-7, with commissioner Freddie Malone claiming the resolution will save the county money.
“The reason this is coming up now is because I saw the opportunity for the county to save $80,000,” Malone said. “The JCDA is not dangling anything over anybody’s head or holding anything hostage.”
Another resolution commissioners passed included the method by which the county will chip in to the tax increment financing (TIF) with downtown Johnson City.
The new calculation that passed 12-3 will stem from paid property taxes rather than assessed property value within the district, which will decrease the amount the county pays toward that for the upcoming nine years.