Press News Editor Nathan Baker is at the JCDA meeting this morning and will have a full report later today.
The former hotel is a low-income apartment structure.
On Friday, September 14, the Johnson City Development Authority Board of Directors voted to enter into a contract to purchase the John Sevier Building for $4.1 million. Tax Increment Financing will be requested for the purchase loan.
“The John Sevier Building is a key part of our community’s history and is a transformational project in the redevelopment of downtown, so it’s important that it not fall into a state of disrepair,” said JCDA Board President Robert Williams. “The JCDA is committed to making this a win-win for our community and the facility’s current residents by working with the property manager, developers and Housing and Urban Development over the next two to three years to ensure they are relocated to safe, clean and affordable housing.”
Upon the successful placement of John Sevier residents, the JCDA will seek developers to redevelop the property into multi-use.
“This is an exciting initiative for Johnson City,” Williams said. “We have the opportunity to provide improved housing accommodations for 150 of our citizens, while creating a vibrant, attractive new economic driver downtown.”
The Johnson City Development Authority was created in 1989 by state resolution. Its mission is to promote and assist with the development and redevelopment of Johnson City, with specific emphasis on downtown, in collaboration with other entities throughout the community; identifying needs and implementing actions.