Goodlettsville Board of Commissioners set to consider RiverGate Mall economic plan
GOODLETTSVILLE, Tenn. (WKRN) — City leaders in Goodlettsville are set to pass a major economic plan related to the complete revitalization effort of the RiverGate Mall property.
As part of the plan to completely overhaul the northern Davidson County property, Metro Nashville leaders passed a substantial economic plan related to the deal. The plan estimates nearly $100 million in annual earnings and millions more in tax revenues for the community.
RiverGate Mall redevelopment could make multimillion-dollar impact in Nashville
Because the property is also located in Goodlettsville and Sumner County, the Goodlettsville Board of Commissioners must also approve all the plans Metro has for the property. They will have a special called meeting on Thursday, May 29, in order to go over the proposed economic plan and give their stamp of approval on it.
The conceptual site plan for the RiverGate Mall property redevelopment includes a number of components, such as multifamily housing, townhomes for sale, senior housing, retail, restaurant, sports and entertainment facilities, medical offices, general offices and hotels. The goal will be an 'integrated mixed-use community' that will 'promote significant economic development,' according to Metro documents.
In addition to considering the economic plan, Goodlettsville commissioners will also consider a tax increment financing plan, or a TIF, as part of the overall proposal for the city.
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According to the Tennessee Comptroller of the Treasury's office, TIF projects allow cities to pay for community improvement projects using future tax revenues. TIFs essentially allow development projects to pay for themselves over time, such as by increased property tax values for specific developments.
Commissioner Jesse Walker told News 2 he was 'encouraged' by the proposal before the commission.
'Throughout my campaign, one of the most common concerns I heard from Goodlettsville residents was the need to revitalize the RiverGate area. I'm encouraged to see a viable proposal on the table and look forward to working closely with the developer, and Metro Council, to ensure that any project brought forward serves the best interests of our entire community,' he said in a statement. 'A development of this scale has the potential to bring a transformational effect to RiverGate, and I'm committed to making sure we get it right.'
The board of commissioners will meet at 7 p.m. Thursday, May 29, at City Hall – Massie Chambers.
Do you have news happening in your neighborhood? Let us know by sending an email to neighborhoodnews@wkrn.com.
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