LEBANON, TN – Mayor Rick Bell’s proposal for a major economic development investment for the City of Lebanon at Highway 109 and Hickory Ridge Road has been approved. The Lebanon City Council unanimously approved the proposal on second reading in a special called City Council Meeting on Thursday evening.
“During the campaign I promised a sense of urgency and professionalism in the Mayor’s Office to provide services and amenities for our growing community,” Mayor Rick Bell said. “I’m excited to announce this first economic development project that will include a major grocery store chain to the Highway 109 and Hickory Ridge Road area.”
National grocery chain Publix and other retail will occupy the more than 68,000 square foot facility with four out-parcels that can be used for restaurants or other retail service options. The annual economic impact for the city of Lebanon will be 230+ jobs, an annual increase of over $840,000 in sales tax revenue, over $330,000 in capacity fees, and more than $211,000 in tap fees. The property tax increase from the investment will be in excess of $200,000.
“The economic impact of this commercial property has been researched and analyzed by our Economic Development Director, Sarah Haston, and by our Commissioner of Finance, Stuart Lawson,” Mayor Bell said. “These improvements will greatly enhance this area’s potential for both tourism and economic development by attracting the type of growth that visitors and residents will frequent.”
The total economic development investment in the infrastructure is estimated to be roughly $650,000. This will include extending the sewer lines east of Highway 109, including the additional tracts within the sewer basin. The developer share will be $291,300. The City of Lebanon will pay an additional $264,039 for sewer upgrades and an additional $100,000 from the Tourism and Economic Development Fund to support infrastructure improvements to Hickory Ridge Road, Highway 109, and the sanitary sewer extension.
For additional information, please call Office of the Mayor Economic Development Director Sarah Haston at 615-489-7899.