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Bristol, TN City Council approves TIF for proposed downtown hotel

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A new hotel is one step closer to coming to Bristol, Tennessee.

The hotel project would be located behind the Chamber of Commerce near West State Street.

News 5's Jessica Griffith was at the meeting, and she explains how this hotel could bring an economic boost to Bristol.

They are calling this the Tenneva project.

Tuesday night, city council unanimously approved Tax Increment Financing known as a TIF incentive for the project.

A TIF means property taxes can be diverted until the business gets off the ground and generates revenue.

We talked to developer Brian Deal. He said the incentive is imperative to bringing this hotel to Bristol, because of the costs of building on an old, industrial site is higher than building on untouched land.

Deal said this hotel would be a major boost to downtown Bristol and it would create 85 jobs.

Deal is from Bristol, so he's happy to invest in his community.

"We grew up here and therefore we saw a need in the downtown area to put this in and we wanted to fulfill this need," Deal said.

"Based on the information has been provided, it's clear that they would not be able to do this project without the tax income and financing," Mayor Jack Young.

We found out the proposed hotel is a major chain, but it would be locally owned.

It would be 6 stories with a restaurant, pool and rooftop lounge.

But, it's not a done-deal yet.

Sullivan County has to approve the TIF as well.

The county commission is holding a first reading on the proposal later this month. A second reading would happen in March.

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