BUSINESS SEEN The Falls was born out of response to Tennessee Chapter 420 resolution that started reducing the retail businesses that largely supported the tax base in Bristol, VA. As a result, the Bristol, Virginia, City Council worked to create a DRI, or Development of Regional Impact. What does it mean to be a Development of Regional Impact? According to City of Bristol, Virginia, officials, it is a project that contains large businesses, unique to the area, affects multiple jurisdictions, and benefits the economy by attracting visitors from a wide area. The tenant attraction goals at The Falls are two-fold: to find retailers not in the region, or perhaps not even in the state of Virginia; and to find tenants that will enable the city to repay debt incurred in building The Falls, i.e., tenants with high sales volume. The Falls is also an example of a public/private partnership, something that exists in every state in the union. The City of Bristol, Virginia, has worked with Interstate Realty Advisers (IRA) since the beginning of the project. Ken Fabbri of IRA says, “Bristol, VA is the best municipality we have ever worked with, and we are so happy that God has brought us to this point in our journey to help Bristol, Virginia, thrive.” Fabbri, along with Virginia State Senator Carrico at the Falls announcement, draws parallels with The Falls development and the Bible story of Nehemiah, a layman who rebuilt the walls of Jerusalem in about 400 B.C. Nehemiah had to bring people together under immense challenges to succeed. He exhibited an unwavering determination to achieve his goals, and gave God credit for his success. “I love the saying, ‘A man plans his course, but God determines his steps’,” says Fabbri. “This has been a long process, but God has been ever present along the way.” On October 1, the Industrial Development Authority and Economic Development Committee of Bristol, Virginia, will open Cabela’s, the first business in The Falls development. As they, and many others in the Tri Cities are saying, it will have been worth the wait.
26 | VIPSEEN | OCTOBER 2015