KHRA’s redevelopment strategy aims at the rejuvenation and revitalization of existing commercial, retail, office, and residential properties, with the goal of attaining the highest and best economic use of properties within designated Redevelopment Districts. The primary goals are promotion of public good, community development and enhancement of the economic base.
The Redevelopment Plan for Core Urban Areas City of Kingsport was adopted by the governing bodies in January 2002. The Redevelopment Plan addresses administrative policies regarding the plan, identifies original study areas, and designation of the Redevelopment Districts and Amendments.
In order for an area to be designated as a Redevelopment District, it must meet the legal definition of “slum and blight” as contained in the Statute T.C.A. 13-20-201.
The tools that could be utilized in a Redevelopment District include Tax Increment Financing (TIF), the assembling of property and the authority to bond.
- Tax Increment Financing (TIF): TIF is the redirection of increased property tax revenues which occur as the result of a redevelopment project, in support of the project. It is a means of providing funding to spur redevelopment activities. TIF must be approved by the governing bodies involved.
- Ability to Assemble Property: The KHRA is able to acquire property either through outright purchase or through the exercise of eminent domain with just compensation and assistance with relocation.
- Bonding Authority: The KHRA authorized by T.C.A. 13-20-104(a)22 has the capability to borrow funds through its bonding authority in support of projects with a public purpose, with
In order for a Redevelopment District to be created, it must be approved by several governing bodies: the Board of Commissioners of the Kingsport Housing & Redevelopment Authority, the Board of Mayor & Aldermen for the City of Kingsport, and the Board of Commissioners for Sullivan County, in the event that a County TIF is requested. In addition, the Kingsport Planning Commission reviews the proposed district.
The City of Kingsport has six Redevelopment Districts; Crown Point, East Stone Commons, Downtown, Borden Mill, Riverwalk and Stone Gate.
Two of these districts have utilized Tax Increment Financing(TIF) in their redevelopment efforts.