Knoxville Industrial Development Board Meeting

KNOXVILLE, TN – A meeting will be had with the Knoxville Development Industrial Board on July 11, 2022. Nine board of director members will attend to the following agenda for the city of Knoxville.

Agenda

City of Knoxville newest financial reports will be released since the turnover on June 30, 2022.  Then, a PILOT Lease with Old City Venture in Knoxville will be considered. After, modifications to a PILOT Lease closing date with Transom Partners will be underway. Following, a revision of IDB’s funds supporting the newest Hitachi Inova Energy Project.

Old City Venture

Earlier, on March 8, 2022, the Board of Knoxville requested property on 210 East Jackson Avenue. Redevelopment of the real property is progressing to create an all-suite hotel. There will be 1,600 square feet for meeting space along with fitness and business center.

Following request, IDB Energy Company would like to acquire and lease the project.

Board of Knoxville put in request for City of Knoxville’s tax incentive to cover upcoming fees for anticipation of a 10-year lease.

The project will develop trade and commerce for city and employment.

Shanklin Flats Project

Continuing, Shanklin Flats Project is a part of a 4-project plan for multi-family residents in Knoxville.

The Development Industrial Board is considering extension of lease to October 11, 2022.

By adding extension, more work can be done to Shanklin apartment building.

The Historic Preservation Grant is moving towards fixing porches, brickwork, and doors.

Once the board approves of extension, the 4-project plan will go into full force effect.

Hitachi Inova Project

The Hitachi Inova Project is the newest energy conservation plant from Europe.

Following, the company is looking to expand into North America.

They conserve energy by turning waste into fuel.

Overall, the company is extending to Knoxville for long term employment availability and improved energy consumption.

The IDB in Knoxville will approve funding for transportation and use for plant today.

The Industrial Development Board meeting will also be considering zoning for plant.