Plans for a new 88-acre industrial park in Chattanooga, carved from much of the former DuPont plant property, moved ahead Monday as a key part of the financing came into focus.
A city panel recommended a special tax district to help with the building of sewers, roads and stormwater infrastructure for what developers said is a $102 million industrial park that could provide 600 full-time jobs when built out. Under the tax arrangement, developers spend money related to a project up front, then are paid back with interest over a period out of additional tax revenues generated by the development.
Four buildings totaling 800,000 square feet are slated to go up in the new North River Commerce Park, with work to start in late summer and the first structure is set to open in 2023, said Matt Phillips, a partner in Access Road LLC and Rise Partners development group.
Phillips said at a meeting of the city’s Industrial Development Board that light and heavy manufacturing, along with warehouse space, could straddle both sides of North Access Road near Hixson Pike.
He said businesses already in Chattanooga want a place to expand.