Church Land Deal Faces Financing Hurdle - NewsChannel5.com | Nashville News, Weather & Sports

Church Land Deal Faces Financing Hurdle

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NASHVILLE, Tenn. - There could be a catch in that record-setting land deal involving downtown Nashville's First Baptist Church.  

The church voted to sell part of its land to a developer, who plans to put a hotel on Demonbreun Street.  That hotel would be across the street from the new Music City Center convention center.

Now the Nashville Business Journal says developer Tony Giarratana has to get public financing from the city to make the hotel happen.

The Journal reports it would fall under what's called "tax-increment financing."  That uses future tax revenue from a project to help fund construction and other developmental costs.  Giarratana has until the end of August to work out this deal.

 

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