Representatives from a proposed development at Merchant’s Greene came before the Hamblen County Commission Finance Committee meeting Monday afternoon to discuss their proposal for a development which is slated to contain two big-box stores in the South Bellwood Road area.

Jay Moneyhun, an attorney with Bass, Berry and Sims, stepped to the podium first to represent the Hamblen County Industrial Development Board and bond counsel to the city of Morristown. Also attending were Marshall Ramsey, president of the Morristown Area Chamber of Commerce, James Craine, IDB member and developer Frank McGuffin.

“This is an economic impact plan, which is a legal document that will authorize a tax increment financing for this proposed development,” Moneyhun said. “It is a large retail development in the Merchant’s Greene area that will result in a substantial increase in property tax base and sales taxes that will benefit the city and county.”

Moneyhun also said that this development will result in a significant amount of infrastructure improvements, which is the part of the tax increment financing to be paid with increment tax revenues.

Moneyhun said that McGuffin had submitted an application for tax increment financing, also known as TIF, that listed all of the parameters of the project and the infrastructure improvements that would be installed.

In accordance with its TIF policy, the IDB reviewed this and initially approved the document, Moneyhun said. The IDB authorized Bass, Berry and Sims to draft the economic impact plan. The IDB held a public hearing and meeting after a 14-day notice appeared in local newspapers.

There were no public comments objecting the development. The TIF has been submitted to both Morristown City Council and the County Commission for approval.

One commissioner asked what the big box stores were. “Unfortunately, at this point in time, we are bound not to mention any names,” McGuffin said. “These are tenants that are not located in Hamblen County right now. I think they’re going to be a major asset to our community.”

The area is located on the south side of the railroad tracks to Veteran’s Parkway, resulting in development on both sides of Merchant’s Greene.

The motion was approved by the committee to be placed in consideration at the Commission’s May 21 meeting.