Bristol TN paves the way for new ALDI location

The Bristol, Tennessee City Council unanimously approved an amendment that would provide tax increment financing to redevelop the former Volunteer Plaza into an ALDI grocery store. The Godsey Leasing Company is requesting up to $500k for 20 years. Tax Increment Financing, allows property taxes to be frozen at a base level that will be paid back in the future. Since taxes would be frozen, the developer would owe the city money after the ALDI is built. The TIF application now goes to the Sullivan County Commission to be approved. They are expected to take it up at next week’s meeting. If approved, ground is expected to be broken this summer, with the construction to be completed at some point by 2027.