(KNOX) – Construction on a third building for the Beacon development project could start as soon as this fall if the council gives final approval to a pair of tax incentives. The additional project would include 87 residential units.
The council gave preliminary last night (Tuesday) to a five year 100% PILOT agreement on two existing buildings and an eight year 100% Renaissance Zone incentive for the proposed third apartment complex. The move also included termination of an existing TIF agreement with the original owner EPIC Companies after they filed for bankruptcy in 2024.
The total project cost is estimated at $61.6 million dollars. A public hearing on the incentive requests is set for July 6th.
In a separate motion the council voted not to support using city money for a public plaza in the middle of the complex. The estimated costs for such an entertainment zone was upwards of $5.8 million dollars.
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The council also heard a report on accelerating the lead line replacement program to meet a 2037 compliance deadline. It was noted that 57% of service lines needing replacement are also connected to cast iron watermains. Most cast iron mains in the target area are already 72-87 years old. The useful life of those mains is 60 to 80 years. At the current pace replacing the 20 miles of cast iron would extend until 2094.
DB/KNOX
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