Metro Leaders Use Creative Financing to Bring Library To Mall - Cindy Carter

Metro city leaders check out the idea of using tax dollars to fund a new library as part of the Bellevue Center's redevelopment. They plan to put a new Bellevue Library Branch into the old Dillards building at Bellevue Center mall.

Metro Councilman, Charlie Tygard says taxpayers will only pay a fraction of the 12.2 million dollar cost thanks to a deal between Metro leaders and mall developers, Foursquare Properties.

"For 40 years, Metro will ease the 32-thousand square foot facility at a dollar year so do the numbers... It's a slam-dunk for taxpayers."

Tygard says this slam-dunk is possible because Metro leaders are taking advantage of what's called tax increment financing, or TIF. This means part of the taxes generated by the redeveloped mall will be used to repay the developers for their investment.

Tygard says, "I think it will be a draw, not only throughout Davidson County, but hopefully it will bring shoppers in to spend their money in Davidson County from all over."

Dale Levine loves taking her granddaughters to the Bellevue library Branch and hates driving all the way to Cool Springs to shop. She's excited by this new deal.

"That would be wonderful. Going to the library and going to the mall would be just great."Metro Leaders Use Creative Financing to Bring Library To Mall - Cindy Carter