Title
Approval of renewal of Adventure Tourism District
Body
SUMMARY: The State established Adventure Tourism Districts in 2011 as a plan that allows qualified businesses that locate within the district to earn a jobs tax credit to offset a portion of the business’ Tennessee franchise and excise tax liability. The qualified business must make a capital investment of at least $500,000 and create the required number of full-time jobs. Businesses located within Tier 4 counties must create a minimum of 10 jobs, those in Tier 3 counties must create a minimum of 13 jobs and businesses located within Tier 2 counties must create a minimum of 20 and Tier 1 counties must create a minimum of 25 jobs in order to qualify. Crossville/Cumberland County became an Adventure Tourism District in 2015 for a three-year period. Re-application is not necessary if there have not been any changes made from the original application, only a letter stating no changes have occurred.
BUDGET ACCOUNT: Not applicable
Recommended Action
NECESSARY COUNCIL ACTION: Approve Mayor to sign letter confirming no changes to report for renewal of Adventure Tourism District