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.
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Smokies Soaky Mountain Waterpark To Celebrate Grand Opening June 4 Friday, May 28, 2021
Soaky Mountain Waterpark officials, together with state and local tourism officials, will gather on June 4 at 9 a.m. to celebrate the official grand opening of the 50-acre waterpark, 175 Gists Creek Road in Sevierville.
According to Dave Andrews, general manager of Soaky Mountain Waterpark, “We are so thrilled to be finally celebrating our grand opening with our fellow tourism industry partners on June 4.
“2020 was truly a challenging year for us. First, we had to get our construction completed while the country was shut down due to the pandemic and then we were only able to be at reduced capacity levels as a safety precaution due to COVID-19. But we made it and now it is time to celebrate.