KNOXVILLE (WATE) - Beginning July 1, owners of commercial buildings in Knoxville's Magnolia Warehouse Redevelopment District can apply for financial assistance to renovate street-facing exteriors.
The city's Community Development Department, in cooperation with Knoxville's Community Development Corp., is expanding its Facade Improvement Program into that district. The plans are posted online.
The 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 in the redevelopment district.
The city says the district is 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.
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.
More information about the program is posted on the city's website or you can call the Community Development Department at 865-215-2120.
