Images courtesy of Bud Cullom, Mike McGuffin and Jim Harrison
The University Commons project got a unanimous stamp of approval from commissioners Monday evening.
The project would bring a new Walmart and Publix to the former Fulton-Bellows site, a vacant plot of land just west of where Cumberland Avenue turns into Kingston Pike.
In the past, developer Bud Cullom said they needed help financing the project due to the excess cost associated with environmental remediation.
The site is deemed a "brownfield" because of contamination from the former factory.
Developers asked for a Tax Increment Financing (TIF) plan to help fund the project.
Commissioners gave their 'OK' for developers to use $10 million worth of property taxes toward helping cover costs.
Knoxville city council also approved the measure.
Last week Commissioner Amy Broyles expressed concerns about Walmart being in on the project.
But Monday she said she's pleased with her 'yes' vote.
"Everything else about this project is good, and it was worthy of support. So I couldn't let my hesitations with that one fly in the ointment ruin the whole thing," explained Broyles.
Developers still need federal tax credits to make the project a reality.
A spokesman for the developers on the project say they hope to have a New Market Tax Credit lined up within the next 30 days.