R-12-2023

Resolution authorizing PILOT agreement with Core Knoxville Cumberland, LLC for various properties

A Resolution authorizing the Industrial Development Board of the City of Knoxville to negotiate and accept from Core Knoxville Cumberland, LLC, or an affiliate thereof (“Developer”), payments in lieu of ad valorem taxes (“PILOT”) with respect to real property located at the following locations: 1900 block of Cumberland Avenue (the block bound by Cumberland Avenue, White Avenue, Nineteenth Street and Twentieth Street), 2001 Cumberland Avenue, 1912 Cumberland Avenue, 2000 Cumberland Avenue, 1801 Cumberland Avenue, 1807 Cumberland Avenue, 1815 Cumberland Avenue, 1826 White Avenue, and 1800 White Avenue (Parcel IDs: 108CD040, 108CD041, 108CD042, 108CD043, 108CD044, 108CD038, 108CD039, 108CD006, 108CD007, 108CD005, 108CD004, 108CD001, 108CD045, 108CD003, 108CD002, 108CC023, 108CH005, 108CH004, 108CD016, 108CD034, 108CD032, 108CD031, 108CD014) (collectively, the “Property”), and finding that such payments are deemed to be in furtherance of the public purposes of the Board as defined in Tennessee Code Annotated Section 7-53-305.(Requested by Economic Development)