Equipment sits idle around the developing area on Aetna Mountain Road in this file photo. New development in the area around Aetna Mountain Road is causing a stir.
Despite public opposition from residents and three City Council members, the city's Industrial Development Board voted today to re-approve the controversial taxpayer financing agreement that would subsidize a road up Aetna Mountain from the Black Creek golf course community.
A judge recently struck down a deal that would have allowed more than $9 million in taxes to flow toward a group of developers led by New York-based York Capital.
In a public hearing Monday, attorneys revealed that former city attorney Mike McMahan acted alone to approve the $9 million tax increment financing agreement for a road and sewer line that would open access to a proposed $500 million commercial and residential development atop the mountain.
But the Industrial Development Board voted 4-1 this morning to ratify the actions of the previous board and approve the TIF as a project in a previous meeting.
Stay with the Times Free Press for more details as they develop.
Previous news report from when the judge struck the deal down:
Joy Lukachick is the city government reporter for the Chattanooga Times Free Press Since 2009, she's covered breaking news, high-profile trials, stories of lost lives and of regained hope and done investigative work. Raised near the Bayou, Joy’s hometown is along the outskirts of Baton Rouge, La. She has a bachelor’s degree in mass communication from Louisiana State University. While at LSU, Joy was a staff writer for the Daily Reveille. When Joy isn't chasing ...