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Knoxville City Council Approves Urban Renewal Area for Hotel

Posted: Tuesday, January 31st, 2012 at 6:30 am
Author: KNIA/KRLS News-Aaron Gernes

The Knoxville City Council approved the Eric Drive Urban Renewal Area during a special session Friday evening. This allows the city to enter into a Tax Increment Finance, or TIF, agreement with Cobblestone Hotel Group. Knoxville City Manager Harold Stewart says that the agreement is currently being negotiated and will probably appear on the February 6th agenda. Stewart also gave the council an initial estimate on expenses for next fiscal year. He says that the city staff will work on presenting a balanced budget for the council. That’s expected to occur sometime next month.