Plans to restore an almost 100-year-old hotel in Downtown Knoxville are moving forward. Developers want to turn
the now vacant Farragut Hotel back into 190-room hotel.
The city council approved a payment in lieu of taxes plan Wednesday evening. That means the developer will pay the current property tax rate for the next 25 years.
City officials say the industrial development board still must approve the measure and they expect the board will approve it.