The action was taken during the board’s regularly scheduled monthly meeting Tuesday morning.
There are several other documents left for the board to approve, but EHDA Director Kelly Geagley said the board has scheduled a workshop for next Tuesday in order for the board and the project’s attorneys to go over the paperwork with board members and answer any questions.
After the workshop, Geagley said the board is expected to vote on the remaining documents at its regularly scheduled February board meeting. The remaining documents include TIF incentives. The plan includes tax incentives that would extend for 20 years.
This is the second time the board has given unanimous approval to Cobblestone Hotel Development to build a small hotel on a panel of land in the TIF District near the new car wash and the Walmart.
Most of the TIF site is on former industrial property where Bemberg and North American Rayon were located. The board first approved the project back in September 2018 but the application expired prior to getting financing completed, leading to the second approval by the board.
Geagley said he sees the approval of the project as a positive step for Elizabethton and will allow more visitors to stay in Elizabethton rather than traveling to Johnson City for lodging.