During its monthly meeting yesterday (5.28.20), the IDB (Industrial Development Board) approved a $396,173 TIF (Tax increment Financing) draw for Lakeland Commons/Lakeland Town Square (LTS). The meeting was electronic/telephonic because of the COVID-19 pandemic.
Link to agenda: https://www.lakelandtn.gov/ArchiveCenter/ViewFile/Item/929
Shane Horn, city manager, told IDB members he appreciated their flexibility to meet in the virtual format. He hopes the June meeting will be in person at City Hall when Dexter Muller, economic consultant for Lakeland, will share some initiatives.
IDB Member Jeremy Burnett asked about TIF funds for The Lake District, a 161-acre mixed use development under construction at I-40 and Canada Road in Lakeland. Al Bright, IDB attorney, said there are ongoing discussions with The Lake District. “There is a lot of activity on that site,” he said. “We’ve been asking all the questions. We are being responsive to them.”
Lakeland Town Square progress
The development on 42 acres at 9868 U.S. Highway 70 and the southwest corner of Seed Tick Road got underway in August 2019. Infrastructure work is currently underway.
Developer Vince Smith said of the $48.9 million project, “We are basically 90 days behind schedule but as the weather improves we are making serious progress. We are currently working on all aspects of the infrastructure. Storm water drainage and sanitary sewers are moving toward competition as well as forming the actual building pads. Next will come a road base to support the curb and gutters so we can install the water pipe. Once the water pipe is installed and inspected we will move to start the vertical construction of the mixed use buildings.”
At any given time, he said, there are 15-20 pieces of equipment working on site.
Announcements about retail are expected later in the summer, said Mr. Smith who added, “Interest has been incredible.”
The first phase is to consist of eight lots which comprise six commercial outparcels, retail space and 150 townhomes/flats, said Mr. Smith. Work associated with the Phase 1 Development Contract includes mass grading the site, constructing two connector roads, improvements to Highway 70 and Seed Tick Road, sanitary and storm sewer facilities and all utilities associated with the lots. Additionally, private infrastructure will be installed for Lot 1. Apartments, townhomes, retail, clubhouse and a community pool are planned for the project.
… Photos by Jim Willis, Lakeland Currents
