With likely sales tax revenue drop, Smoak also looks to plaza, Ivy-Swan, Watt Rd, old Kroger
The resulting sales tax revenue loss to Town of Farragut due to business closings and reduced hours during the COVID-19 pandemic was addressed by David Smoak, Town administrator, during Shop Farragut/Farragut Businesss Alliance audio meeting Thursday, March 26. He also addressed growth signs.
“Our revenues are tied directly to how well our stores do,” Smoak said. “I know the stimulus packages are coming out. … One of the things not in there is that there’s no help for any local governments with less than 500,000 people.”
As a result, “For us, we really are going to be ratcheting our belts, we’re going to be looking at our revenue projections very closely,” Smoak said, “And we’re going to have quite a few workshops with the Board of Mayor and Aldermen to talk through what this means for our budget going forward.
“Hopefully we’ll go (no more than) three of four months and get through this, but we just don’t know at this point.”
Growth signs
Construction of Admiral’s Corner at the corner of Kingston Pike and Campbell Station Road “continues, as does work on Campbell Station Inn Plaza,” Smoak said, offering the Plaza as a possible site for the rescheduled Taste of Farragut (originally set for Friday, May 1), but noted “we’ll just have to wait and see and get with the contractor on that.”
Construction of townhomes is on the horizon for the Ivy-Swan Farm/Union Road residential/commercial project. “They’re going to get final plats to the (Farragut Municipal) Planning Commission this next month, and what that means is they can start building their townhomes.”
At the intersection of Kingston Pike and Watt Road “just behind Little Joe’s (Pizza), (the developer) is trying to get some apartments put in there,” Smoak said.
“... Commercial would be right behind that,” he added.
As for developing the old Kroger location, developer Budd Cullom has presented a concept plan to Town staff, which will be discussed further at the Thursday, April 16, FMPC meeting.
