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Non-TVA Towering Taxpayer
The sale of a TVA tower to a group of investors headed by Sam Furrow presents the prospect of hundreds of new downtown workers that will benefit downtown businesses. But on a basic level, the sale puts a public property into private hands—and thus the hands of the tax collector.
A new $12 million office building added to the tax rolls could mean almost $300,000 in property tax revenue for local government. It would be about $140,000 for the county and as much as $150,000 for the city.
The exodus of TVA workers from downtown during the agency’s downsizing period led to the demise of many downtown businesses and emptied Market Square.
Blount County stole a lot of jobs from downtown Knoxville when they got Clayton Homes to move its headquarters to a campus office complex in Maryville. The purchase of Chase Home Financial by a Clayton subsidiary will bring a lot of them back.
The Center Square complex, I and II, at Gay and Church streets will be “rented up” for the first time ever, as a result of the deal and downtown will see an influx of young, professional, well-paid employees. The deal, in which Clayton Homes subsidiary Vanderbilt Mortgage bought Chase, will mean 200 new jobs for Knoxville and many of them will be downtown.
ET No Longer GOP Base
There was a time when the General Assembly consisted of East Tennessee Republicans and Democrats from Middle and West Tennessee. But the suburbs of Nashville and Memphis have become solidly Republican as have many rural counties in Middle Tennessee.
It is instructive to look at the leadership posts of Republican House members elected for the coming session. It throws demographic trends in high relief. Of nine officers elected to lead the House Republicans, four are from West Tennessee, four are from Middle Tennessee. Only state Rep. Jason Mumpower (R-Bristol) is from East Tennessee.
In statewide races in the modern era, being strong in East Tennessee is a good start, but doesn’t guarantee a primary win anymore. There are more Republican primary voters in the Memphis and Nashville suburbs than in all of East Tennessee.
Vols Economic Driver
You may have noticed that on certain Saturdays in the fall there is rather a large crowd gathered over on the University of Tennessee campus and getting a dinner reservation around town can be a bitch. It has something to do with football.
The Center for Business and Economic Research at UT-Knoxville has done a survey and reports that Volunteer athletics contributes $104 million to the Knoxville economy. The department spends $62.8 million a year and another $41 million is spent by fans. The impact is 2,806 jobs.
UT athletics contributes $12 million in sales and amusement tax revenues from concession and ticket sales and fan spending in the local economy. The department itself paid $1.13 million in local amusement taxes and $2.11 million in state taxes this year. Fan spending generated $2.12 million in local sales tax and $6.61 million in state sales tax.
The athletics department also contributed $1.3 million to the university to use for non-athletic scholarships. The department spent $6.06 million on athletic scholarships. The department also spends $500,000 a year to pay for travel for the Pride of the Southland Band.
December 23, 2004 • Vol. 14, No. 52
© 2004 Metro Pulse
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