City of La Vergne officials are taking proactive steps to bring quality retailers and developers to the city and its residents. Being Nashville’s direct neighbor to the southeast, La Vergne has seen tremendous growth over the past several years. The City’s population has grown approximately 20% in nine years since the 2010 U.S. Federal Census and future projections don’t show that trend stopping anytime soon.
La Vergne has upwards of 40,000 employees within its trade area thanks to the many businesses and enormous industrial complexes. Just recently the city was able to attract the ICEE Corporation headquarters and more than 200 white and blue collar jobs into the city from Ontario, California. Many other existing companies, including Cardinal Health and Automation NTH, are also expanding.
Despite this growth, La Vergne’s residents and employees are losing out in many areas, commercially. Shoppers currently are forced to drive to surrounding cities for restaurants, apparel, home improvement and entertainment, among others. The City’s leakage is well into the hundreds of millions every year across the various retail sectors. “Retailers know of this leakage,” says Economic Development Specialist Thomas Broeker, “but just as importantly, they also see La Vergne’s strong demographic as an area that can support their businesses. Interest in our city is at an all-time high because of the growing region, our proximity to Nashville, and the great potential of locating in La Vergne.”
City leaders are taking steps to change this. They have a new, clear vision for meeting its resident’s needs to curb this leakage. La Vergne has continued to make it a priority to have a presence at many retail conferences throughout the country, putting the city on the radar of many national and upcoming retailers. The current Board of Mayor and Aldermen has enacted several ordinances and have approved updating the city’s zoning ordinance in efforts to become more business-friendly and further attract these desired businesses. Mayor Jason Cole emphasizes “our current board believes in my vision for the city to improve and enhance our commercial districts which will bring our residents new opportunities for dining and shopping right here in La Vergne.”
Another step city leaders have recently taken is enacting its own Industrial Development Board (IDB). The IDB will promote and actively pursue economic development and redevelopment within the city. This board will lay out an Economic Development Impact Plan and have many tools at its disposal including Tax Incremental Financing (TIFs) and Payments in Lieu of Taxes (PILOTs) to promote manufacturing, industrial, and commercial growth within La Vergne. “Creating our own IDB allows us to focus on bridging gaps that may prevent new retail business growth in our community,” says Mayor Cole. “Using this new tool we hope to see both redevelopment and new growth in La Vergne.”
There are several areas of La Vergne that also qualify for federal New Market Tax Credits (NMTCs). New Market Tax Credits were established by Congress in 2000 to attract private capital into census tracts in need of development and redevelopment. Those qualified receive federal tax credits in exchange for their equity investments and are designed to revitalize communities and spur economic growth. Murfreesboro Road, a major retail corridor within the City of La Vergne with upwards of 39,000 vehicles per day is eligible for NMTCs throughout its three mile stretch within the city limits.
La Vergne’s elected officials and city staff are working hard and are excited about what the future will bring for the city and its residents. For more information about business prospects, available properties, the IDB or NMTCs in La Vergne, contact Economic Development Specialist Thomas Broeker at (615) 287-8651 or by email at [email protected].
