Lake Economic Impact

Economic Impact of the Lake

COST of the LAKE

The projected cost of the lake will be approximately $9.7 million. That figure is estimated as follows:
    • $80,000 for planning and permitting
    • $2,105,000 for land acquisition (1,400 acres)
    • $440,000 for engineering
    • $140,000 for electrical power to run the deep wells (once filled, normal rainfall will maintain the lake level)
    • $1,500,000 for TVA power line relocation
    • $435,000 for contingencies

FUNDING

Approximately 30% will come from local funds, i.e. the $10 annual wheel tax on all vehicles registered in Carroll County. The remaining 70% will come from Federal, State and other agencies. Carroll County will get a $10 million lake with a tremendous long-term economic impact for just 30% of the costs.

The wheel tax will go into effect when all state and federal permits have been signed, this should be in December of the year 2002 and will be removed when the lake debt is retired in 12 to 15 years. The wheel tax was voted as the most evenly distributed way of raising the needed monies for this project. In contrast, a property tax of an additional 11 cents per $100 would have been needed to raise the same amount of revenue, the average home owner with an assessed value of $75,000 would have had to pay $20.63 annually instead of $10. The wheel tax better distributes the burden with approximately 25,000 automobiles in the county to just 17,266 taxable parcels of property.

ADVANTAGES for our SCHOOLS

The lake will not be inside any municipality.
All sales tax monies collected from businesses developed around the lake will go directly to the County of Carroll and each and every school district in the county. In the State of Tennessee, half of the sales tax money is divided on a pro-rata share based on average daily attendance. Hollow Rock-Bruceton, South Carroll, West Carroll, McKenzie and Huntingdon will all benefit from the extra business generated by the lake. In addition, new construction around the lake will generate new property tax dollars for the county and this in turn will help fund new jobs, new projects and provide means for the county to grow even more.

No municipality plans to annex the lake area and the location is not within any municipality's 20-year Urban Growth Plan, recently submitted to the State of Tennessee.

RECREATION

Waterskiing, fishing, boating, swimming, picnicking and jet-skiing are just a few of the recreational opportunities that will be available at the new lake. It will be deep enough to safely ski and deep enough to maintain the perfect water temperatures for year-round fishing, the lake will be over 50 foot deep near the headwater end at the dam and will average 20 foot in depth overall. One-third of the lake will be reserved for FISHING ONLY! That is a welcomed feature for the fishing enthusiasts that are tired of being interrupted on most waterways by a ski boats and jet-skis, yet fishing will be permitted anywhere on the lake. The tail-water end of the lake will have shallows conducive to good spawning and will keep the lake in balance with the environment.

There will be at least one full-service marina, for baits, gas and picnic supplies and within a few years the area should grow to support several restaurants, motels and other related businesses.

'There is a lack of recreational and tourism opportunities in Carroll County'
a statement from an independent study done by a Bells, TN firm in 1998

'There is nothing for the youth to do'
comments made by the Carroll County Youth Leadership Class of 1999-2000

'Prospective industries ask about recreational opportunities when surveying our area'
statement by Brad Hurley, Director, Carroll County Chamber of Commerce

ECONOMIC IMPACT

One only has to look at Beech Lake and Pine Lake in Henderson County to realize the impact of a recreational lake. Approximately 10 percent of the entire tax base of Henderson County is located on those two lakes. In the year 1996, approximately 13,000 daily permits and 4,300 annual permits were sold at Beech Lake, that's a lot of visitors. Many new homes have been built around the lakes, adding to the tax base and reducing the overall burden to every citizen. In fact, Henderson County has some of the lowest property taxes in the area. In addition, Lexington has many new stores and businesses that serve the customers of the lake. Those include boat sales, bait and tackle shops, food establishments, motels, etc. The estimated economic impact for Carroll County from the new lake will be over $23 million in the first ten years of its operation with a projected annual increase every year thereafter.

Just think, a $10 million lake at the cost of only $3 million for Carroll County, a lake that will enhance the quality of life for our citizens and for future generations, a lake to provide recreation for the citizens of Carroll County and a lake that will draw tourists from all over to come and spend money in our county.

Sounds like the opportunity of a lifetime,,, and we can claim it for Carroll County.

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