BRISTOL, TN (WJHL) – Renovations are set to begin as soon as possible to the E.W. King building in downtown Bristol, TN.
The nearly 100-year-old building has been vacant for several years. But soon it will be home to a new company and provide more than 2 dozen jobs.
“I think they’re really trying hard to bring Bristol really to the peak of its existence right now,” said Dennis Miller, who works in Bristol.
Tuesday night, the Bristol, Tennessee City Council unanimously approved a $3 million redevelopment of the building just off Shelby St. and 7th St.
City of Bristol, Tennessee Economic Development Director, Tom Anderson said, “which should increase the property value, which will allow for the tax increment financing”.
He said the city approved a resolution to give the owner of the building, Joseph Gregory, $475,000 in tax increment financing or TIF.
A TIF is when you take the difference between the current value of a property and what its value will be after improvements and apply that money to the project. The city will recoup the money through property taxes over the course of several years. In this case, that will take 15 years.
Gregory has already invested nearly $600,000 in the building since he’s owned it.
Anderson says the building has been vacant for several years.
“It’s under utilized and that’s part of the requirements of a TIF is to take say under utilized or dilapidated properties for them to be renovated and re-purposed,” Anderson explained.
Bristol Chamber of Commerce President and CEO, Beth Rhinehart, says this will be good for the city.
“It’s always good when you have a building that’s been sitting vacant gets re-purposed back into a functioning building so we’re looking forward to that,” she said.
The renovation will also create at least 25 new jobs over the next 5 years.
Bristol city leaders are hoping this will help bring more development downtown, which is exciting for those who enjoy visiting Bristol.
“The way they’re attacking things and trying to bring downtown Bristol back to life from a lot of different angles, I think should make everybody happy and proud really,” Miller said.
Renovations are set to be complete by the end of this year or early next year.
What exactly will be going inside should be announced next month.
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