Bristol TN industrial leaders on board with Friendship Auto deal near Pinnacle
Bristol Tennessee's Industrial Development Board has endorsed a resolution that gives their chairman authority to approve a new location for three car dealerships owned by Friendship's Mitch Walters.
Walters is planning to move his Ford, Hyundai and Volvo lots from their current Volunteer Parkway spot to the former Bristol Auto Auction location on West State Street under the provisions of a state law.
The Border Region Act gives incentives to the developer with stipulations and brings more tax revenue back to Bristol. IDB chairman David Wagner said Walters' plan satisfies the city's requirements.
"There's 1.5 percent that cut off the top for education and then the city, through the IDB, will receive back any reimbursable expenses for Mitch's project up to 4.2 percent," Wagner said Monday.
Walters said during the meeting that phase one of the new project is valued at $15 million. He also noted that Volvo corporate officials wanted their dealership moved to the Johnson City area but they reconsidered when they learned the new lot would be located near The Pinnacle retail area.