Title
Resolution approving Adventure Tourism District
Body
SUMMARY:
The State has established Adventure Tourism Districts as a plan that will allow qualified businesses that locate within the district to earn a jobs tax credit to offset a portion of the business' franchise and excise tax liability. There are minimum requirements on investments and jobs to qualify. The City has met with the County and decided to create a joint district that will create opportunities for businesses that qualify. Once approved, the certification is good for 3 years. They can be amended to add additional areas. There is no cost to the City or County for the district.
TDEC is especially interested in the creation of the district so that Cumberland Mountain State Park can be included. They are actively seeking businesses to operate some of their facilities and the district would be an additional incentive.
Business plans that are required with the application are being prepared by UCDD and the City Clerk.
BUDGET ACCOUNT: Not applicable
Recommended Action
NECESSARY COUNCIL ACTION: Approve resolution.