Hamilton County and the City of Chattanooga are proposing a public-private partnership to extend MLK Boulevard across Riverfront Parkway to the Tennessee Riverwalk trailhead at Blue Goose Hollow.
The proposed public-private partnership involves the City, County and Nashville developer Evergreen Real Estate – the developer of Cameron Harbor – which is offering to build the new section of MLK Boulevard on parcels of land it owns.
Proposed improvements include extending, straightening and widening MLK Boulevard across Riverfront Parkway to the trailhead as well as sidewalks, lighting and parking. The proposed street extension would happen in conjunction with Cameron Harbor’s third phase.
Evergreen would construct the street using $4 million of tax increment financing. The TIF means future tax revenue from the Cameron Harbor development would fund the MLK Boulevard construction. The street would then be deeded over to the city.
Through use of the TIF, City and County residents will gain access to a new street and right of way that will increase access to the Riverwalk, improve infrastructure and increase visibility for commercial development.
The proposed infrastructure is the first TIF project under new policies implemented in 2015. It requires multiple approval layers including an application review committee, an economic impact analysis, a public hearing, approval by the City’s Industrial Development Board, approval by City Council and approval by the County Commission.
Sources: Hamilton County; City of Chattanooga