By Alan Johnson, IDB/EDC member
Tuesday night (1.29.19) the Industrial Development Board (IDB) and Economic Development Commission (EDC) held a regular meeting regarding the current economic development activities and initiatives involving the City.
The meeting began with an introduction to the new Planning Director, Forrest Owens. Mr. Owens provided a quick history of his background and tenure as Planning Director of Germantown. He expressed his appreciation to be working for Lakeland and his excitement about the opportunities that Lakeland has in front of it.
Mr. Owens then provided a quick update on two new residential developments in the pipeline: Lakeland Meadows and Lakeland Greens. Both developments are positioned on the north side of U.S. Highway 70 and will include planned “green spaces” and upscale housing, likely valued in the $400,000 range.
Dexter Muller, Lakeland development consultant, then provided an update on current commercial developments and recruitment efforts.
He explained that the Tops Bar-B-Q Brand had been sold, putting the previous plans to move into the Mobil building in limbo. Although Tops is still an option for the location, other prospective tenants are being contacted.
Mr. Muller announced that all of the financing elements of Lakeland Commons have been finalized, and ground breaking will occur soon. A project manager and inspector are being identified to monitor the project and the disbursement of the Tax Increment Financing (TIF) funds.
Mr. Muller also reviewed the list of local franchises and restaurant targets compiled by the EDC and discussed priorities and next steps.
The Board then discussed thoughts and updates on commercial/residential development on the North quadrants of the I-40/Canada Road intersection; however no firm plans are currently materializing.
The last subject of discussion was the impending auction of the Stonebridge Golf Course. Speculation was that low pricing on the property could likely entice interested investors willing to invest in upgrading the clubhouse and make it a more appropriate venue. Consensus was that the property not be used for residential housing.
Next, Al Bright Jr., attorney for the IDB, provided an update on The Lake District. Steady progress has been made clearing the property, although there have been some slight delays due to wet weather and the need for added erosion control measures. Announcement regarding new tenants is expected in the next two weeks.
The Board next discussed finalizing a Payment in lieu of Taxes (PILOT) policy for Lakeland, which would outline various provisions, requirements and limits for the incentive. The Board agreed that PILOTs should be used very sparingly, if it all, but discussed a few types of opportunities that might warrant the incentive. After approval of the policy, Lakeland would execute a Letter of Understanding (LOU) with Shelby County stating they the County would participate in like fashion with any Lakeland PILOTs granted.
Additional topics addressed and slated for continued discussion include a strategy for possible development of the I-385 corridor and expanding infrastructure (especially sewer) to key parts of the City.
Link to agenda: https://tn-lakeland.civicplus.com/ArchiveCenter/ViewFile/Item/817
