The Knoxville City Council approved of a tiff agreement with Ridge Development. 

Knoxville City Manager Heather Ussery said the approval will enable Ridge Development to begin the process of moving forward with their plans.

Ridge Development has proposed building a race car repair shop on the west parcel, a storage/office building on the center west parcel and a dentist office on the south parcel.

The contractor condo units would be rented primarily to local contractors; and the dentist office would accommodate staff from current Knoxville dental practices. 

The three properties are projected to have an assessed value of $3.9 million,\ when completed. The annual property taxes to be collected from the properties are projected to be $115,000.

A sanitary lift station is needed to service the dental office. The car repair and contractor condos would also benefit from the lift station. The contractor has estimated the costs to install the lift station to be $433,465.