One Westside TIF clears city council

CHATTANOOGA, Tenn. (WDEF) – The Chattanooga City Council had a major decision to make this afternoon on the future of the One Westside Project.

The plan to fund the One Westside Project, which comprises of The Bends along the Riverfront and Westside Evolves, is called a tax increment financing district.

Essentially, that designates a portion of all new tax revenue to be earmarked for certain project.

Today, it appears to be one step closer to reality. 

A rendering of an artificial canal being proposed for the future The Bends project. (Courtesy: Westside One)

By a unanimous vote, the Chattanooga City Council approved the One Westside TIF District.

In this district, both the city and Hamilton County plan to share tax responsibilities for the new project site over the next 20 years.

Both the city and the county would withhold normal portions of revenue for essential services.

Beyond those portions the county would send 53 percent of the remaining revenue to the proposed Gateway School, and the city would fund a variety of infrastructure projects including a new fire station.

For Jimmy White, the President of Urban Story Ventures and head developer on this project, he said this vote accelerates the timeline forward of when groundbreaking will begin on the Westside. 

White said, “Well, it’s huge. It’s taken a lot of work to get to this point. The city and city officials, everyone has been great to work with. It’s a transformational project and there’s a lot of work to be done… We’re fully permitted for phase one which is the Main Street corridor, that’s where we are ready to break ground, hopefully before year’s end. This is determined by the approval process but, hopefully by year’s end we’re breaking ground on Main Street and moving forward with construction.”

Also passed were requirements to be followed by the Chattanooga Housing Authority (CHA) regarding the renovations of College Hill Courts and other surrounding public housing projects.

Included in these were consistent updates on their funding plans for new housing, ongoing surveys of current Westside residents, and priority for vulnerable residents.

Chattanooga City Attorney Phillip Nolbett announced to the council, “CHA will agree to minimize the effect of relocation on vulnerable populations in College Hill Courts and Gateway Towers, such as senior citizens with mobility challenges and disabled persons, by minimizing the number of relocations including temporary relocations that may be required to such persons, and the updates provided by CHA shall update the relocation effects of these populations.”

The Hamilton County Commission will vote on this TIF District Wednesday morning.

If approved, the project will go to the city’s Industrial Review Board for their final approval, in which from there, construction may begin.