|It just gets better and better or worse and worse depending on who
you are. If you're a wealthy developer it's good. If you're a home
owner, not so much. This is about the Creekwood development.
This is the 200 acre development off Hwy. 321 that runs
over to Hwy. 70.
You may remember, this was the development put together by local developer Ed Loy. You may remember it was billed as the next Turkey Creek development. You may also remember the development was guaranteed to generate millions and millions of dollars in sales tax revenues from all the commercial development that would be moving in. You may also remember that the state of Tennessee donated two million dollars and Lenoir City tax payers donated four million dollars to build Mr. Loy a new four lane road through his development.
You know how much sales tax has been collected from this development since 2006? Exactly $0,000,000.00. You know how much sales tax money will ever likely be collected from this development, probably not a dime. I don't really think developers and government officials mean to lie, I think many times they will just say anything to get what they want.
Until recently, the only building that had taken place in the development was a bunch of apartments and a doctors office and now that a big chunk of it has been turned into an industrial site it's not likely a lot of commercial development will ever take place. That brings me to the point of the story.
Recently, I and others received a letter from a resident and property owner in the subdivision that borders the Creekwood development. The letter raises concerns about the construction taking place behind his home. That construction would be the new twenty-five million dollar LCUB complex. You again may remember, this is where LCUB officials decided to build their new Taj Mahal rather than move into the old Yale building next door to their existing facility. Oh and by the way, not only will the LCUB complex generate any sales tax, they don't even pay property tax.
There are consequences for decisions of developers and city
officials, residents and property owners may be negatively impacted. I
wonder, does anyone really care?