Over five years in the making, an incentive for economic development for Elizabethton and Carter County will soon make the rounds in front of government bodies.

A public hearing for tax increment financing (TIF) took place this week, ultimately paving the way for the economic tool to be used for development within the city and county. Plans to incorporate the incentive will go before County Commission, City Council and the Elizabethton Housing and Development Agency for final approval.

According to the City of Elizabethton Planning Office, TIFs benefits in the community include:

• Increased property values

• Private investment and development

• New jobs

• Job retention

• Stronger tax and economic base

• Incremental revenue is reinvested in TIF district

• Investment outside TIF district

Jon Hartman, Elizabethton planning director, recently told the Elizabethton Star the goal is to set up a TIF district within the city — property behind Sycamore Shoals Hospital, Wal-Mart and Bemberg — to be used as a tool to help attract developments into the community. According to Hartman, several cities in the state — Knoxville, Kingsport, Johnson City and Bristol — have utilized TIF districts and reaped the benefits.

One project already on the docket for use from a TIF district is the addition of a new hotel in the area. During the recent Joint Economic and Community Development Board, Mayor Leon Humphrey indicated there has been interest in a new hotel to set up shop in the region, but that the need of a TIF district is there to get the project off the ground. Various resources are available for the public wanting to learn more about the potential incentive plan.

For more information, visit http://www.elizabethton.org/TIF/tif_development_presentation.php and search through the different search options on the site. Included are power points, videos and information about the development.