The refunding wonât extend the life of the loans, Beasley said. In fact, the city should be able to pay some of the bonds off sooner than it would have taken under the previous terms.
And it would save millions of dollars in payments in coming years â about $3.9 million from the general fund, $1 million for water and sewer, and $20 million for the TDZ bonds, Beasley said.
The Tourism Development Zone is the area surrounding the LeConte Events Center. Under state law, the city was allowed to collect additional sales tax revenues in that area and use them to pay off projects aimed at drawing more tourists to the area.
PIGEON FORGE â The next hotel coming to Pigeon Forge will be a joint project for three Native American tribes.
The DreamCatcher Hotel will be developed through a joint investment partnership for the Eastern Band of Cherokee Indians, Seminole Tribe of Florida, and the Mississippi Band of Choctaw Indians.
Itâs the first time the three tribes have partnered on a project, and the first hotel under the DreamCatcher brand name for DreamCatcher Franchise Development.
âOur tribal partners share our bold vision of developing and investing in unique and innovative hospitality properties, located in areas we know people want to visit,â said Zeke Cooper, president of DreamCatcher Franchise development.