Greeneville passes TIF plan to help revitalize downtown
GREENEVILLE, Tenn. - The Greeneville Board of Mayor and Alderman is giving a major financial incentive to anyone looking to open up a business downtown.
Town Manager Todd Smith says the goal of the Tax Increment Financing Plan is to revitalize downtown and attract more business.
In its most basic form, the city's Housing Authority will collect a portion of businesses' property taxes that will then be reinvested into downtown area improvements, like sidewalks and streets, according to Smith.
Smith also says it now gives Greeneville a chance to attract companies that have business models that don't necessarily fit what the city currently has to offer.
"There is a package that if you guarantee you will locate your business downtown and you guarantee that you will provide so much improved value to the property downtown, then we can offer this incentive on the front end to make those business numbers work," Smith says.
Current downtown businesses believe the TIF plan will be a major incentive for anyone looking to set up shop in Greeneville.
"If people have an idea that they can come down here and have a business, they're definitely going to do it," Denise Coffey, an employee at Esther & Ella, says.
The Catalyst Coffee Company is one of of several businesses located on Main Street, and the general manager says they specifically choose this spot as their first location because they wanted to be part of the rebirth of Greeneville's downtown.
"We support anything that helps bring businesses, helps bring growth or improvement to the downtown area," Sandy Nienaber, the general manager at Catalyst Coffee Company, says.
The Greene County Commission is the only group that still needs to approve the TIF plan before it can go into effect. Their next meeting is on Nov. 20.