The council voted Monday to waive residential development costs on about six properties throughout the city, said City Administrator Eric Taylor.
Smyrna regularly offers incentives to spur industrial and economic development, he said, but there are not any in place for residential properties.
“We’re looking for a way to get these projects moving,” Taylor said. “We need to spur interest in those properties and get them off the books.”
The developments were all zoned residential before 2009, Taylor said, and have become dormant since the nationwide economic crash. offered to take over to complete the project associated with Village Walk subdivision. Most of the residential developments either stalled or fell into foreclosure at various stages of construction.
The incentives can vary, Taylor said, based on the conditions and sizes of each property, but all will include waiving residential development costs. The new ordinance allows the city council to waive up to 50 percent of the development costs.