Travis Fuller, Belle Investments of Blount County was able to acquire the largest property tax break ever handed out by the mayor/council. Fuller scored a twenty year PILOT, payment in lieu taxes, for his proposed single and multi-family development on Hwy. 321. The developer would pay $125,000.00 in taxes per year for the development, less than half of the property tax due without the PILOT. The development presented was approved for 221 single-family homes and 270 low-to-moderate apartments on the 124 acre property. But it gets worse.

The city approved an agreement with Belle Investment Company, now Belle West Point, INC, to pay them for all the infrastructure/public facilities, which would include, streets, sidewalks, utilities, including electrical, gas, water and wastewater improvements, related improvements, parking facilities, parks and greenways and any improvements for public safety. The costs will be in the multi-millions. It's called Special Assessment Financing.

The city is obligated to pay the developer for all the infrastructure/public facilities when the development is completed. The city would borrow the money to pay the developer, then all the property owners in the development would be required to pay a property tax that is more than double the tax rate of the rest of city property owners to repay the borrowed money over many years.

I was told this is the first one of these Special Assessment Financing deals in the state. Doubtful that many other government officials would obligate their tax payers to such a crazy plan. Great deal for the developer, bad deal for the tax payers.

Surprisingly, mayor Tony Aikens announced at the last city council meeting that Belle Investment Company, now Belle West Point Inc. has decided not to take the massive tax breaks/incentives. Aikens gave no explanation as to why the developer decided to reject the incentives but it couldn't bode well for the possible success of the development.

Interestingly, It was discovered that the Belle Investment Company, now Belle West Point Inc. was likely not legally annexed into the city. in 2020.

More updates to come.

Belle West Point Plan