Thursday, Knoxville residents had a chance to give their input on the future of Cumberland Avenue.
Knoxville's Community Development Corporation held a public input meeting for a proposal about developing Cumberland Avenue. The proposal would establish a "redevelopment area" around the Strip. That redevelopment area would be the area bordered by White Avenue, 17th Street, Lake Avenue and West Volunteer Boulevard.
The proposal uses "tax increment financing" or TIFs. As the area redevelops and property taxes rise, the increase in revenue would go toward paying off debt from the projects.
A representative from KCDC says rising taxes have people concerned.
"I think there were a lot of questions, and it's not unusual,about tax increment financing. I think the biggest concern that I've heard over the last couple of days is whether people's taxes would increase as a result of the plan," said Jordana Nelson.
KCDC says even if the plan is passed, it doesn't give them the ability to raise taxes; it just allows them to use the increased revenue to pay for the development.
This is different than the Cumberland streetscape project to add underground utilities and improve traffic along the Strip. Knoxville is still waiting to reopen the bid for that project after no one bid on the project back in April.