|DOWNTOWN RESIDENTIAL DEVELOPMENT INCENTIVES
The City of Knoxville wants more people to live downtown - while preserving
our beautiful historic buildings. So we've created the CityLife Incentives
program, which provides financial incentives for developers and owners
to create residential units in downtown historical districts.
What's more, the city is committed to helping developers and owners
ensure their projects qualify for the CityLife Incentives program, and
to making the process as easy as possible.
* Tax abatement through a Payment In Lieu Of Taxes (PILOT) program
Residential development projects meeting the criteria will be eligible
for a "tax-freeze" for a period between five and ten years,
based on need and the projects cash flow. This financial incentive requires
a "title transfer" and is administered through Knoxville's
Industrial Development Board (IDB).
* Low-interest loans through a revolving fund
A low-interest construction loan, based on the amount of historic tax
credits expected (up to 20% of the total rehabilitation cost), is available
to qualified developers. This financial incentive will defray some of
the costs associated with the preservation of older buildings and the
conversion of such buildings to quality residential units. First Tennessee
Bank, in collaboration with several other local banks, will facilitate
* Parking assistance
The city will offer a residential parking program through the Central
Business Improvement District (CBID). Through this permit program,
downtown residents will have special access to on-street parking on
dedicated downtown streets. In addition, the City currently offers
a "residential rate" at city-owned parking garages. Applications
and program rules are available HERE.
* Minimum charges for plans review and permitting
Residential projects within downtown historic districts will be charged
the minimum fee for plans review (building, fire, gas and mechanical,
and plumbing) and inspections.
* Creditworthiness of the owner/developer
* Viability of the project
* Track record/experience of the developer
* Need for assistance
* Impact on downtown
* Preservation significance of the development
*Projects must yield 10 or more residential units
*Properties must be listed on the National Register
of Historic Places
*Projects must be located downtown
Call Dr. Bill Lyons, senior Director of Policy Development at 865-215-2029
or send E-mail to email@example.com
to find out more about the CityLife Incentives program.