East Ridge OKs incentive package for Bass Pro Shops developer
EAST RIDGE, TN (Times Free Press) -
At least $5 million of tax incentives will be provided to the developers of East Ridge's Bass Pro Shops project under a plan approved Monday by the East Ridge industrial development board.
Because the development is in a Border Region Retail Tourism Development District -- an area along state lines targeted for development by officials in Nashville -- the city is granted the authority to collect 75 percent of sales taxes for 30 years.
In order to qualify, the city had to woo a major development valued at $20 million or more that would draw at least 1 million visitors and generate $2 million annually in tax revenue.
At a meeting last week where city and industrial development board members discussed the incentives package, East Ridge Mayor Brent Lambert said the Jordan Crossing development being headed up now by John Healy, Matt Wood and Ethan Wood -- the three behind the Jordan Crossing Development -- fits the bill as a $20 million development along Interstate 75 that is expected to draw millions of dollars in new sales to the city.