CHATTANOOGA, Tenn. — Changes are coming to a large section of Chattanooga's Westside neighborhood, Hamilton County and Chattanooga city leaders announced Friday morning.
The 'One Westside Plan' will include commercial space, thousands of new homes, green space and a new park called 'The Bend.'
The city of Chattanooga says of the new homes, at least 10 percent of all rental units in the Bend footprint will be reserved for residents making 80 percent or less of the area median income. According to the U.S. Census, Hamilton County's median income is $30,545. 80 percent of that is $24,436.
City and county leaders say the massive project will be paid for by using what's called Tax Increment Financing (TIF).
Through Urban Story Ventures’ private development of the under-utilized industrial site formerly occupied by Combustion Engineering, Alstom and GE, the new TIF district and Westside Evolves are expected to conservatively unlock a minimum of $800 million in new development over the next ten years, which will support the construction of public infrastructure, educational opportunities, and new affordable housing,' City of Chattanooga Spokesman Ellis Smith says in a release.
Here's how that tax allocation breaks down, in a graphic Smith provided:
Chattanooga Mayor Tim Kelly's office says the project is expected to bring $800 million in new development over the next 10 years.
Watch the full announcement below:
This is a developing story and will be updated.