Bristol, Tennessee officials approve $25 million loan

POSTED: 6:07 PM Jan 29 2013
pinnaclemoney
BRISTOL, Tenn, -

The city council of Bristol, Tennessee has moved the city's newest development one step closer to completion.

We've learned the council approved $25 million to fund the project.

Deputy city manager Mike Sparks told News 5 the first $9 million will go towards building Bass Pro Shop, but the second installment of $16 million would go towards building an extensive shopping center.

Sparks says he's confident the Pinnacle project will bring in enough state and local tax revenue to repay the city. "Our belief is that we will be able to pay that back as well as have surplus from that development during that time frame," he said.

Sparks says he doesn't have an exact amount of how much they expect to bring in. He says it will vary.