A future retail and commercial development project in Boones Creek took its first step toward reality Friday morning, and local officials believe it will keep Johnson City on top when it comes to regional retail dominance.
At a joint meeting of the Washington County Economic Development Council and Johnson City Development Authority, the organizations approved a plan creating a tax increment financing, or TIF, district that will spur private development on about 100 acres of undeveloped land off the Boones Creek Exit of Interstate 26.
Tax increment financing, or TIF, is a method utilized by local governments to pay for community improvements with future tax revenues. A TIF plan is approved by a local government to redevelop an area by paying for the cost of public or private improvements out of future growth in taxes attributed to the new development.
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