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Old 02-07-2017, 01:29 PM
 
Location: Tennessee
28,316 posts, read 21,228,906 times
Reputation: 34727

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Pure Foods in Kingsport has filed for Chapter 11 bankruptcy. This is another mess like the glass plant deal where money gets thrown at some dubious company, just to get lost.

Kingsport Times-News: Pure Foods files for Chapter 11 bankruptcy
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Old 02-08-2017, 06:00 AM
 
Location: Gray, TN
2,158 posts, read 3,953,210 times
Reputation: 906
Companies fail every day. Maybe this one will exit bankruptcy in a good position to continue operations.
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Old 02-08-2017, 09:17 AM
 
Location: Johnson City, TN
667 posts, read 822,002 times
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Kingsport Times-News: Extreme makeover: Kingsport BMA approves agreement for upscale apartment complex downtown

I think the idea of this development is great and has the potential to be a huge boon for downtown but no property tax for 20 years? Really? I could understand TIF being used because at least there you are still receiving the current appraised value of the property while capturing the increased value to pay off the incentive funds but to just forego all property taxes? No way. Kingsport taxpayers are essentially funding nearly 25% of this project that has a dubious chance at long-term success. Developers follow the goings-on in cities and Kingsport has proved to be all-too-willing to dole out large incentives for projects that, in other cities, would never be considered (i.e. Fort Henry Mall).
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Old 02-08-2017, 11:43 AM
 
Location: Gray, TN
2,158 posts, read 3,953,210 times
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I have to admire Kpt's commitment to their downtown area. They caught on much before Bristol & JC. Again the apartment deal is genius if it works, but ridiculous if it fails.

Honestly, I see no downside with property tax offsets. I thought it was a horrible decision to do nothing for the Crossings.
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Old 02-08-2017, 12:53 PM
 
Location: Tennessee
28,316 posts, read 21,228,906 times
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It's really going to depend on what the pricing of the units ends up at.

I know "The Gables" has 2BR for $850 and 3BR for $950. The "Overlook at Indian Trail" behind K-Mart is even higher. IMO, that's a high mark for Kingsport, as there are simply cheaper rentals on the low end, and for people that can afford $850+ in rent, they can buy for much less per month.
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Old 02-08-2017, 02:44 PM
 
Location: Brooklyn, NY
6,762 posts, read 10,159,567 times
Reputation: 5576
Quote:
Originally Posted by Rangerred View Post
Kingsport Times-News: Extreme makeover: Kingsport BMA approves agreement for upscale apartment complex downtown

I think the idea of this development is great and has the potential to be a huge boon for downtown but no property tax for 20 years? Really? I could understand TIF being used because at least there you are still receiving the current appraised value of the property while capturing the increased value to pay off the incentive funds but to just forego all property taxes? No way. Kingsport taxpayers are essentially funding nearly 25% of this project that has a dubious chance at long-term success. Developers follow the goings-on in cities and Kingsport has proved to be all-too-willing to dole out large incentives for projects that, in other cities, would never be considered (i.e. Fort Henry Mall).
Overall, this is great news for the downtown area. Will bring people downtown who have purchasing power. All-in-all, a solid exciting development.
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Old 02-28-2017, 09:08 PM
 
Location: Tennessee
28,316 posts, read 21,228,906 times
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https://donfenley.com/2017/02/27/was...-ouput-growth/

Washington County, TN posts region's best growth - Sullivan County was the slowest of all Kingsport-Bristol MSA, and Johnson City - MSA counties.

Various other data are up as well.
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Old 03-01-2017, 08:20 AM
 
Location: Johnson City, TN
667 posts, read 822,002 times
Reputation: 449
Quote:
Originally Posted by Serious Conversation View Post
https://donfenley.com/2017/02/27/was...-ouput-growth/

Washington County, TN posts region's best growth - Sullivan County was the slowest of all Kingsport-Bristol MSA, and Johnson City - MSA counties.

Various other data are up as well.
Washington County's economic output growth rate was actually one of the best in the state if you go to the NaCo website and check out their interactive map.

To add to this, per an article in the JC Press today, the 4th quarter 2016 Current Employment Survey showed employment down .3% in the Kingsport-Bristol MSA and up 1.2% in the JC MSA. Employment also grew 3.4% in JC vs. 2.1% and .7% in Kingsport and Bristol, respectively and unemployment decreased 3.7% in JC, 2.6% in Kingsport, and rose 3.8% in Bristol.

While the economy isn't booming anywhere in the region, statistics have consistently shown Johnson City having the strongest economy and slow, but consistent, growth. Unfortunately, the region's rural counties will most likely continue to decline and this drags the entire region down. Declines in manufacturing coupled with an aging and extremely conservative population leads to situations where needed investments cannot occur due to revenue shortfalls coupled with the refusal by residents to entertain a tax increase. This situation is currently playing out in Hawkins County and illustrates the exact type of thinking that holds the region back.
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Old 03-16-2017, 10:22 PM
 
Location: Tennessee
28,316 posts, read 21,228,906 times
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Good news and bad news off the wage front.

Johnson City had the highest annual wage gain of any regional metro.

According to January’s Bureau of Labor of Labor Statistics report, the average annual private sector wage was up 4.2%.

The bad, both the Tri-Cities are basically a third below Knoxville's weekly MSA wage. Knoxville is above Nashville in weekly wages, amusingly enough, and the only TN metro above the US average.

While I understand that our economy isn't on fire, Knoxville has a virtually identical cost of living to the Tri-Cities, maybe slightly lower. How are the Tri-Cities supposed to keep pace with other state metros when our wages lag behind all but even more isolated, screwed up Jackson?
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Old 03-17-2017, 07:26 AM
 
Location: Gray, TN
2,158 posts, read 3,953,210 times
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Some really poor areas of Carter and Washington county drag down Johnson City's weekly wage. You spotted the fact that this statistic is not a perfect comparison among metros because obviously, an accountant in Nashville will make more than an accountant in Knoxville. This statistic is distorted based on where the lines are drawn.

Now when you say JC is up year over year, that is significant, and the rate of increase is significant and comparable.
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