BRISTOL, Tenn. — A public hearing will be held July 24 on a redevelopment plan for the former Kmart building that would include $1.7 million in tax breaks.
The Bristol Tennessee Housing Redevelopment Authority Board of Commissioners will hold the hearing at 3 p.m. in the auditorium of Edgemont Towers, 100 Ash St., before its monthly meeting. It will decide whether to approve a plan by developer Steve Johnson for the property on West State Street that includes tax increment financing and whether an amendment to a previous redevelopment plan that existed for the property is necessary.
Tax increment financing is an incentive that subsidizes developers by refunding or diverting a portion of their taxes to help finance development in an area or on a project site.
Johnson and his company, Johnson Commercial Development, submitted a plan and TIF application that state the project would cost an estimated $8.9 million, create an estimated 125 to 200 jobs upon completion and generate around $23 million annually in sales and other tax revenue.
An early mockup of the developed site, included with the application, shows a restored building, with two one-acre parcels set aside at the front of the property facing West State Street. The expected tenant of the redeveloped building is currently unknown, but it would be retail.
The property, which is currently valued at $2.6 million, according to the Tennessee Comptroller of Treasury, has been vacant since the Kmart closed in August 2016.
A map of Kmart's current redevelopment district, as well as the redevelopment plan and the proposed amendment to the redevelopment district, can be viewed by the public at the Bristol Housing office at 204 Bluff City Highway and the Bristol Tennessee City Annex, 104 Eighth St., during normal weekday operating hours until July 18.