The State Building Commission approved Pigeon Forge's blueprint for an $182 million building program on Thursday. The
Building Commission approved the city's request to fund the
construction of a civic events center, new parking facilities, road
improvements and a needed wastewater plan expansion through the
Convention Center and Tourism Development Financing Act of 1998.
"We're
very pleased," City Manager Earlene Teaster said. "There has been a lot
of hard work going into it for about three years now. We had a lot of
good staff people and consultants working on it. The board is very
pleased. Hopefully, there is going to be an opportunity to take Pigeon
Forge a little further into the tourism world and create more jobs and
boost the economy."
Lola Potter, public information officer for
the State Department of Finance and Administration, said that state
officials will now begin work with Pigeon Forge to finalize the
proposed debt payoff schedule. No actual
schedule has been set for the development process. Teaster said staff
members will meet with representatives of Cumberland Securities, the
city's financial consultant, next week to get an idea of what can be
done and when. "We will have to look at our
projects and get with Cumberland Securities and look at our financing
and make sure we stay focused and do what we can do," she said.
The
plan's cornerstone is a civic events center that will be located on a
section of the old Jake Thomas farm. The plan includes several items
related to the controversial purchase of 35 acres of land on Teaster Lane
in 2005. When the city settled a condemnation lawsuit with Riverwalk
Park LLC, the original owner, it agreed to build a new roadway, called Pigeon Forge Lane, and build new public parking. Both are included.
Once
the tourism development zone becomes active, Pigeon Forge will begin
receiving a portion of sales tax revenues that would normally flow to
the state to pay for the bond issues needed to fund the projects. The city plans to pay off the $17.5 million in debt it used to purchase the 35 acre property using TDZ funds. The first project to be built will be a 2,000-space parking facility on a 35-acre site on Teaster Lane. Road improvements and the construction of the event center will happen afterwards.