Development News for Lakeland, Tennessee

Lakeland Gateway South TIF Development Agreement Approved Amidst Rental Unit Concerns

The board approved a development agreement between the Industrial Development Board and Rev3 Willows Holdings LLC for the Lakeland Gateway South TIF. This agreement allows a portion of the TIF increment to be allocated to Rev3 for developing the Willows property, covering eligible project expenses. Concerns were raised about a reduction in townhome square footage and the plan to rent the units instead of selling them, which some board members felt was a departure from previous discussions and a potential issue for community development. However, it was clarified that the number of units and the overall plan approved by the BOC and MPC have not changed, and the shift to rentals is intended to create demand and catalyze further development in a historically stagnant area. The project involves 109 total units, with 9 built and 100 to be constructed.

Lakeland Safe City TIF Loan Increased to $13 Million Amidst Board Discussion

The board considered and approved a resolution for a loan modification for the Lakeland Safe City TIF, increasing the principal loan amount from $7.5 million to $13 million. This modification was discussed extensively, with concerns raised by board members regarding the doubling of the loan amount and the rationale behind the increase. Representatives explained that the city's or IDB's obligation remains solely to pledge TIF revenues, with no direct financial responsibility for shortfalls, as developers provide guarantees. The increase is attributed to the developer needing additional funding for critical infrastructure and to maintain project momentum, with past TIF projects also experiencing similar increases. The board ultimately approved the resolution with a vote of three in favor and one against.