Commission Approves Financing Plan For Hotel And Convention Center

The Putnam County Commission approved a Tax Increment Financing plan for Cookeville’s proposed hotel and conference center Monday night.

“A lot of counties have to do hotels, convention centers, and parking garages with taxes and we don’t have to do that with this,” District 3 Commissioner Jordan Iwanysyzyn said. “You don’t have to be from Cookeville to know how tricky it is to find parking.”

The so-called TIF will be used to finance the facility’s parking garage over a 20-year period. The financing plan takes the difference between current property taxes and the new projected amount once the project is completed.

Currently, the county collects $34,600 on property taxes within the proposed location. Once completed, the complex and conference center would generate approximately $327,600 in tax revenue, with $293,000 going to the IDB over the 20-year period.

Cookeville must also approve the financing plan. The proposed facility would be built along Depot Street and Cedar Avenue.