Action News Fives reports that the “paperwork is done” and that there is “$300 million in development coming to Millington.” Here is the news report where you can learn more about plans for Astoria Square, which they describe as “the crown jewel” of the projects.
Paperwork is done: $300 million in development coming to Millington
By Parker King
Published: Jun. 23, 2022 at 4:14 PM PDT
MILLINGTON, Tenn. (WMC) – For the small city of Millington, much is about to change in the coming years.
The city’s chamber of commerce announced the development of three projects, totaling $308 million.
“It’s a town growing into a city. That’s what we’re fixing to do,” said Terry Roland, the Executive Director for Millington Chamber of Commerce.
Roland walks us through the three sites.
The first is Forked River Commons, a $58 million shopping center at the corner of West Union and US Highway 51 that will have big name stores like Aldi, TJ Maxx, Home Goods, and Hobby Lobby to name a few, according to Roland, along with restaurants.
Just down Highway 51 next to Lowe’s is the second project, Millington Farms.
Roland says this $100 million development will include a movie theater, a bowling alley, two hotels, and a retirement home with an Alzheimer’s wing.
The crown jewel of the three projects is the Astoria, a $150 million development at the corner of Navy Rd. and Veterans Pkwy.
Along with multi-use buildings for retail and residential use will be an amphitheater and a 37-acre park with an 8-acre lake.
The properties still need to be appraised in order to determine exactly how much tax revenue will be generated for the city and county, according to Roland, but the anticipation already is that it will generate millions.
“About 47% of our budget is paid for with sales tax, which allows Millington to keep their property taxes low, as an incentive to get people to move back in,” Roland said.
These numbers do not include the thousands of residences being built in the city, in-part preparing for the large labor force that will come to work at Blue Oval City in nearby Brownsville.
Roland says 3,500 homes are being built, with a hope to reach 4,000 in the next four years, as well as 800 apartments.
The chamber director says Millington will be the perfect place for potential commuters.
“We’re 21 miles from our airstrip to Blue Oval City,” Roland said. “Blue Oval City is going to be a really big deal to… I would say all of Shelby County but especially North Shelby County.”
The projects are paid for through Tax Increment Finances (TIFs), which are like long-term loans.
The city will promise to pay-off the cost of the infrastructure through the property tax revenue that will be generated from the development.
The city will pay half of the property taxes gained from the properties every month until the amount is paid off, all while making more money for the city and county and not having to raise taxes.
“You’re working with future taxes,” said Roland. “Nobody loses. The citizens doesn’t lose. The city doesn’t lose. The county doesn’t lose.”
Roland said the paperwork is done, and all that’s left is to start moving dirt. That is expected to start in July.
Copyright 2022 WMC. All rights reserved.
