MILLINGTON, Tenn. — Millington may soon be home to $300 million in new developments including shopping centers and new homes.
Terry Roland, executive director of the Millington Area Chamber of Commerce, discussed with WREG about how he plans to double the tax base of Millington over the next five years. He said $300 million in Tax Increment Financing will create nine subdivisions and, with commercial development, will help the 120-year-old city capitalize on the opening of Blue Oval City by Ford.
In an area that was formerly Naval housing, a developer plans to build a $150 million development that will contain commercial and retail stores, as well as an amphitheater, Roland said.
“It’s going to be like Harbor Town on steroids,” Roland said.
The project plans for 500 townhomes that will be 2,000 square feet and, over the next four years, 4,000 homes.
Roland said a future shopping center will have an Aldi grocery store and a Hobby Lobby.
With this amount of projected housing becoming available, Roland speculates that $44 million could be put into Shelby County schools.
Roland also said Millington is an “opportunity zone”, and that if people invest and build their business for 10 years in this new development, they pay no capital gains tax.
Ford has expressed interest in Millington’s airport and the development of these subdivisions may have a positive economic effect.
“I got this awesome opportunity to come back to Millington and help repay the community back that has made me,” said Roland.