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News Release, Candy Factory public hearing|
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WHAT: KCDC Public Hearing / World's Fair Park Redevelopment Plan
WHERE: KCDC, 901 N. Broadway, Knoxville TN 37917
WHEN: Wednesday, December 28 at 5 pm
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Knoxville's Community Development Corporation (KCDC) will hold a
public hearing on Wednesday, December 28 at 5:00 pm, to solicit
comments from the public on its World's Fair Park Redevelopment and
Urban Renewal Plan, which includes the sale of the Candy Factory and
Victorian Houses to private developers.
On August 16, Knoxville City Council voted to accept a redevelopment
proposal submitted by Kinsey Probasco Hays (KPH), a private developer.
On August 30, the Council voted to have KCDC prepare a Redevelopment
Plan that includes the provision of Tax Increment Financing (TIF).
Subsequent to the public hearing, Knoxville City Council will vote on
whether to approve the Redevelopment Plan.
To qualify for TIF, the Candy Factory and Victorian Houses must be
declared legally blighted under state law (TCA Section 13-21-201 and
13-21-202).TIF provides an incentive to developers to rehabilitate the
The expected impact of TIF for the Candy Factory alone, over a 15-year
period, is estimated by KCDC at $1,081,500 for the city and $1,296,750
for the county. That results in costing city and county taxpayers a
total of $2,378,250 over fifteen years.
Members of Save The Candy Factory, a grassroots citizens group, oppose
privatization of these public properties, and plan to attend the
public hearing on December 28.
Posted by mjb
Dec. 27, 2005