Delusions of Dollywood: The Randy Parton Theatre and Tax Increment Financing

G. Jason Jolley and William B. Klatt

Municipal Finance Journal, 2015, vol. 36, issue 2, 63 - 74

Abstract: The City of Roanoke Rapids undertook North Carolina’s first tax increment financing (TIF) project in 2005 when it approved $21.5 million in TIF to fund the Carolina Crossroads Music and Entertainment District. The Randy Parton Theatre, a central development in the district, proved to be an economic disaster and an embarrassment for the city. This paper traces the project history and identifies factors contributing to its demise, which has compelled a city already facing economic difficulties to obligate 13% of its annual operating revenue for debt service on the TIF. Roanoke Rapid’s experience informs other local governments considering TIFs for similar entertainment venues that often fail to deliver their purported economic benefits.

Date: 2015
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