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Cookeville’s City Council unanimously approved an economic impact plan Thursday to help bring a hotel and convention center to town.
Councilman Dwight Henry said the idea is a big deal for the city of Cookeville.
“I think this will enhance and revive the historic downtown community,” Henry said. “I’m excited about being part of voting for it, and I’m excited about seeing it making progress. I think it’s going to be huge for our community.”
The project was originally approved by the Putnam County Commission June 25. A Tax Increment Financing Plan (TIF) would help finance the facility’s parking garage over a 20-year period.
Cookeville City Manager Mike Davidson said this project would be the first-ever TIF plan granted by either the city or Putnam County.
Councilman Larry Epps was excited about the potential development, guaranteeing the project was “going to work.”
“This is a cooperative effort between the city, the county, and private development,” Epps said. “One of the things I’ve enjoyed throughout this whole process is that… when private and public get together with the same intention, good things happen. And I expect nothing but good things to happen from this development.”
Councilman Charles Womack said he originally opposed plans for a convention center 18 years ago. However, he said the new plan is “a different animal.”
“I was against building a convention center 18 years ago because of the debt the city would have,” Womack said. “This is private entrepreneurs, and they can make a profit. The city can reap the benefits of the sales tax revenue, and the county can reap the benefits of the sales tax revenue.”
Councilman Jim Woodford said the proposed plan and other recent developments help improve Cookeville as a whole.
“A lot of people are complaining, ‘Cookeville’s changing,” Woodford said. “Yes, it’s changing for the better. We’re growing and we want to grow responsibly. I think this is a great step for our downtown.”
The proposed facility would be built along Depot Street and Cedar Avenue. According to the original TIF proposal to the County Commission, the project would generate almost $500,000 in hotel/motel and sales taxes, while creating between 60-100 new jobs.
