| June 28, 2012 - Beginning July 1, owners of commercial buildings in the Magnolia Warehouse Redevelopment District can apply for financial assistance to renovate street-facing exteriors.
The City of Knoxville's Community Development Department, in cooperation with Knoxville's Community Development Corporation (KCDC), is expanding its Facade Improvement Program into the Magnolia district.
The Facade Improvement Program is designed to improve the appearance of building facades, which can improve the economic viability of these areas and help increase property values. Priority will be given to projects that meet the city's redevelopment goals.
Approximately $400,000 in funding is available in the form of five-year forgivable loans for properties located in the Magnolia Warehouse Redevelopment District. The district is generally bounded by Hall of Fame Drive, Washington Avenue, Winona Street, N. Bertrand Street, Harriet Tubman Street, E. Summit Hill Drive and E. Magnolia Avenue to Bertrand St. Click here for a full description of the area on the KCDC website.
Grants will be available for $20 per square foot of improved facade, with a maximum of $50,000 per building. Applicants must provide a match equal to or greater than 20 percent of the amount awarded. The financial assistance is available on a reimbursement basis following completion of the project
Eligible work includes masonry and cornice repair; storefront reconstruction; exterior painting and stucco; and other renovations.
For more information about the program, visit www.cityofknoxville.org/development/facade.asp or contact the City's Community Development Department at 865-215-2120.