The building that once housed an Arby's restaurant on Gay Street in Downtown Knoxville will soon be renovated.
Developers plan to renovate the building from the ground up, at a cost of more than $2.4 million.
This building has sat vacant since Arby's closed in 2010.
Tuesday, the city council approved the developer's request to freeze the current property tax rate for ten years.
"It makes the project work. Old buildings cost an inordinate amount of money to renovate, and typically a building like this can't be done without some form of tax freeze or assistance," said Joe Petre with Conversion Properties.