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City, Valley Bank to Attempt Negotiating TIF Agreement for Sunset Ridge

Posted: Wednesday, January 18th, 2012 at 6:26 am
Author: KNIA/KRLS News-Aaron Gernes

The City of Knoxville and a developer will attempt to negotiate a Tax Increment Finance, or TIF, agreement in an attempt to stir a housing development at Sunset Ridge. At Monday’s City Council meeting, representatives from Valley Bank asked the Council for a resolution to split a $2 million TIF agreement. The Council shared concerns about the city risking large sums of money for infrastructure improvements on a project that isn’t guaranteed. The Council directed city staff to attempt to negotiate an agreement that would minimize the city’s risk. The proposed plan includes 83 housing units.