During its regular meeting Wednesday afternoon, the KHRA board of commissioners unanimously approved two requests for tax increment financing from Johnson City developer Mitch Cox and Bristol developer K.D. Moore.
Tax increment financing is when the KHRA takes the projected growth in property taxes on a project and uses that money to secure a loan from a bank. That loan is then granted to the property owner to help offset the cost of the project.
Cox requested $2.6 million to help make The Villas at Riverbend a reality. The $20.4 million development would be located behind Walmart on Fort Henry Drive and include 265 units, with one-, two- and three-bedroom options.
More on the development from the Kingsport Times-News, a Johnson City Press sister paper.