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 Smith is the city government reporter for the Chattanooga Times Free Press. Since 2009, she's covered crime and court systems in North Georgia and rural Tennessee, landed an exclusive in-prison interview with a former cop convicted of killing his wife, exposed impropriety in an FBI-led, child-sex online sting and exposed corruption in government agencies. Earlier this year, Smith won the Malcolm Law Memorial Award for Investigative Reporting. She also won first place in ...