CHATTANOOGA, Tenn. (AP) - A Tennessee judge has shot down a tax increment financing deal between taxpayers and a group of developers.
The developers wanted government assistance to build an estimated $9 million road through a $500 million golf course development.
The Chattanooga Times Free Press (http://bit.ly/1tzTQrN ) reports that Chancellor Frank Brown on Friday faxed attorneys a handwritten note advising he would officially rule on Monday that the bond agreement between the Industrial Development Board and the developers of Black Creek Mountain is invalid.
Brown indicated his ruling is based on violations of open meetings rules, conflicts of interest and questions over whether the residential project complies with state law.
Information from: Chattanooga Times Free Press, http://www.timesfreepress.com
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