KINGSPORT — Construction of the Miracle Field project will begin in the near future thanks to action taken by the city last week.
During a recent Board of Mayor and Aldermen meeting, elected officials unanimously approved an amendment to the lease agreement for the old General Shale property. The Kingsport Economic Development Board — the economic development arm of the city — owns the property and is leasing it back to the city.
The amendment calls for annual payments from the city to the KEDB for up to $214,000 a year for 10 years. However, based on donations received for the Miracle Field project, the payments are expected to be more in the neighborhood of $135,000 a year for 10 years.
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