The Chattanooga Motorcar Festival took place on Oct. 15, 2022, at The Bend, a location set to become a new hub for housing, office space, retail, and manufacturing developments. The site was recently awarded the largest tax increment financing agreement in the state, signifying its importance as a key area for growth and economic development in the region.
Chattanooga stands out as the only major city in Tennessee that requires approval from both the city and county legislative bodies for tax breaks granted to new or expanding industries. This level of oversight ensures that all decisions regarding tax incentives are made with careful consideration and input from both local government entities.
The city and county’s robust system of checks and balances promotes economic growth and attracts new businesses to Chattanooga by prioritizing responsible use of tax breaks. By requiring approval from multiple governing bodies, they can work together to create a business-friendly environment while also safeguarding the interests of the community at large.