City Council approves $10 million in tax breaks for development

City Council approves $10 million in tax breaks for University Commons

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The University Commons development is slated for the old Fulton Bellows site on Cumberland Avenue The University Commons development is slated for the old Fulton Bellows site on Cumberland Avenue

KNOXVILLE (WATE) - Knoxville City Council unanimously approved $10 million in tax breaks for a development near UT's campus.

The University Commons development is slated for the old Fulton Bellows site on Cumberland Avenue, near Alcoa Highway and Tyson Park. The site has sat vacant for some years now and is classified as a brownfield site. That means its reuse may be complicated by a possible hazardous substance, pollutant or contaminant.

Tuesday night, city council members praised the development for bring new life to the blighted plot and said they're happy to be investing with developers from the Knoxville area.

Developers estimate University Commons will create roughly 1700 jobs, both through retail positions at Publix, Walmart and other stores, as well as through temporary construction jobs. It's also estimated to generate $20 million in tax revenues in just its first year.

On Monday, Knox County Commissioners voted to approve the first reading of a resolution approving the $10 million tax break.

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