HOMECONTACTCITY HALLCITY EMPLOYMENTONLINE SERVICEBUSINESSRESIDENTSVISITORS
City of KnoxvilleContact Us
I Want To...
Apply for Business License »
Apply for Beer Permit »
View Bid Opportunities »
Recycle Computers »
News
Enjoy Christmas in the City »
City of Knoxville and Transportation Planning Organization Win Smart Growth Awards »
Knoxville Named a Climate Action Champion by White House »
Knoxville Zoo Offering Buy One, Get One Free Tickets in December »
Affordable Care Act Enrollment Nov. 15-Feb. 15 »
Mobile Food Vendor Program »
Civil Rights Act Anniversary »
Cumberland Connection Blog »
Engineering Department Project Blog »
Like the City on Facebook® »
Follow the City on Twitter »
View Press Releases »
Knoxville Events
Visit Knoxville
Event Calendar »
Special Events Dept.
Calendar [PDF] »
Market Square
Events [PDF] »
Click Here for Printer Friendly Version
DOWNTOWN RESIDENTIAL DEVELOPMENT INCENTIVES
City Life Incentives Making Downtown Development Happen
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.
Here's how we're making it happen
Incentives:

* 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 the loans.

* 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.

Review criteria:

* 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

Qualifications:

*Projects must yield 10 or more residential units
*Properties must be listed on the National Register of Historic Places
*Projects must be located downtown

More Info:

Call Dr. Bill Lyons, senior Director of Policy Development at 865-215-2029 or send E-mail to citylife@cityofknoxville.org to find out more about the CityLife Incentives program.
Add to Favorites
Adobe PDF Reader
Email Page
Font Smaller
Font Normal
Font Larger
Get Directions
Make Home Page
Print Page
RSS/XML Feed
Search A to Z List
Site Map
Traduzca en Español
Translate to More Languages
Dial 3-1-1 For City Services
311. One Number. One Call.
Click Here for Leaf Pickup Schedule
City Government
Mayor's Office »
City Council »
City Departments »
Boards & Commissions »
Public Meetings »
Promotions