A plan to approve a tax deal for one of the largest development plans in the history of Knoxville and Knox County got another vote of support Monday.
Knox County commissioners voted unanimously to approve a tax increment financing (TIF) deal for a major redevelopment plan to transform the South Knoxville waterfront. The $165 million dollar plan would convert the former Baptist Hospital site into a large mixed use development that would include public riverwalk access.
The development firm out of Georgia asked for $22 million dollars in tax increment financing. It would keep the project off the tax rolls for two to three decades.
The Knoxville City Council approved the deal earlier this month.
Knox County Mayor Tim Burchett announced last week that he has some doubts about the TIF, and wants more specific information on how the money would be used.