On Tuesday, August 1, 2006, during the 7:00 PM Regular Meeting, the Knoxville City Council will consider approval of a resolution of authorizing Knoxville's Community Development Corporation (KCDC) to prepare a Redevelopment and Urban Renewal Plan to be known as the Knoxville South Waterfront Redevelopment and Urban Renewal Plan.

The proposed plan will contain a tax increment financing provision, and will also provide for public notice and a public hearing prior to plan adoption. The authorization requested form City Council is the first in a series of procedural steps intended to create a Knoxville South Waterfront Tax Increment Financing (TIF) District. As per state law, the only option available for creation of the TIF district is to engage Knoxville's Community Development Corporation (KCDC) to prepare and facilitate the adoption of a redevelopment and urban renewal plan.The Knoxville South Waterfront Vision Plan, adopted by City Council in April 2006, will form the basis for the Knoxville South Waterfront Redevelopment and Urban Renewal Plan, including the setting of boundaries for the TIF district. The primary strategy for plan implementation is to support private property redevelopment through the funding and construction of public improvements, with the TIF district being a major source of revenue for design work, property acquisition, and construction of new roads, improvements to existing roads, creation of open spaces, development of a new riverwalk, and construction of parking structures. Development Strategies, Inc., the St. Louis-based economic development firm involved in the Vision Plan process, estimates that the TIF district will generate as much as $50 million over the next 20 years to support planned public improvements.

Timetable for South Waterfront Redevelopment & Urban Renewal Plan Adoption:
July 25 Public Meeting
August 1 City Council Resolution - KCDC Prepare Plan
August 21 1st Public Hearing Notice Advertisement
August 25 Complete Redevelopment Plan for Public Review
August 28 2nd Public Hearing Notice Advertisement
August 31 Notice to Property Owners (Certified Mail)
September 4 3rd Public Hearing Notice Advertisement
September 7 Possible City Council Workshop Discussion
September 14 Formal Public Hearing
September 25 Knox County Commission Approval
September 26 Knoxville City Council Approval
September 28 KCDC Board Approval

Questions? Contact Dave Hill, 215-3764