TIF, It's Over

At least according to Overholt spokesman Lee Krebs. Number 5 on Lenoir City's Monday night agenda was once again the TIF request. As most will remember, Dr. Bob Overholt has been asking for millions in tax money to supplement his 321 development. According to Krebs, Overholt is out and a new company has bought the land. However as of last week, according to court house documents, Overholt was still the registered owner of the property. 

At the beginning of the meeting, Brookshire recognized Kerbs. Krebs requested agenda item number 5, TIF request, be removed from the agenda. Newly appointed councilman Bobby Johnson ask if the TIF request would ever be back on the agenda at which Krebs replied, No.

Dr. Bob gave it his best shot to get in the pockets of the Loudon County taxpayers and very nearly made it. The first vote of the LC council gave Overholt hope when the council voted to give in to his request. But it was a different matter when he tried to get the county commission on board. The unanimous rejection by the commission seemed to be a blow Overholt could not overcome. And as many had predicted and most suspected, as soon as the he figured out the government tax buffet was closed, Overholt turned tail and ran.

But dry your tears for poor ol Dr. Bob. According to Dr. Bob and other various financial reports, Overholt paid 14 million for the 250 + acres and the sale of the two parcels has netted him about 24 million. A cool 10 mil. should help him through his disappointment.

knoxnews.com Article