|Seems like every time Lenoir City officials cuddle up
with a developer, the tax payers get the short end of the stick. Why
should this one be any different.
Remember the new six million dollar road paid for by tax payers to open up a major commercial development know as Creekwood? Hotels, motels, retail, movie theaters and on and on. It was to be the next Turkey Creek.
At Monday's Lenoir City council meeting, Creekwood owner and developer, Ed Loy ask the council to grant him a new rezoning on twenty-five acres of his development. The rezone would change the twenty-five acres from commercial to residential. Loy went on to explain that the new residential development would be a thirty-five million dollar multi family "private gated community."
Not only are Lenoir City and state tax payers on the hook for the new road but LCUB has made a substantial investment in water and sewer infrastructure all on the assumption that the development would be a commercial development not residential. Councilman Eddie Simpson was the only one to vote against the rezone request sighting the fact that the development was proposed to the city as a commercial development not residential.
As the economy continues to slide you can bet that more developers will be looking for tax payer bail outs. Sound failure?