The Metro Council approved a proposal last night that sets the standard for using tax dollars when private developers want to revitalize areas outside Nashville’s urban core.
Metro has agreed to give 12-million dollars in future property taxes to a California developer that will turn the struggling Bellevue Mall into an open air shopping center.
The developer will use the money for construction costs, but will also build a long-awaited library. At-large Councilman Charlie Tygard, who used to be the district councilman for Bellevue, was near tears at last night’s vote.
“Finally, uhm, the citizens of Bellevue, this is an emotional time. It’s been a five year—five years of tough work.”
The deal worked out with the Mayor’s office is the first project of this kind in Davidson County to be used for a suburban area. The so-called tax-increment financing agreements were previously used solely to revitalize blighted or urban areas. State law now allows other areas to qualify.
The Mayor’s office says there has to be substantial public benefit—like a library–derived from any future suburban projects. Several council members said last night that they hoped similar deals could be worked out for their districts.
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