KNOX COUNTY, Tenn. — On Monday, the Knox County Commission considered a resolution that would approve an "Economic Impact Plan" that would allow leaders to give up to $8.9 million in bonds from Knox County's Industrial Development Board to a planned development in West Knox County named "Prosperity Crossing."
The resolution passed on Monday.
As part of the plan, some of the property tax revenue from the development would be paid back to the board over time, according to the resolution. The plan said the site is effectively unused as of Dec. 18, only generating $35,719 in property tax for Knox County in 2022.
"The project will be a transformational development for a currently underutilized area in the western part of the County. The Plan Area is an old dirt 'borrow pit' with high visibility from Interstate 40," the plan said.
The plan said the site is owned by "I-40/75 Business Park, LLC," and spans around 169 acres. It's located near the Watt Road interchange on I-40 and I-75 in West Knox County. The Economic Impact Plan said developers want to build a "multiuse regional sports venue and sports training facilities with medical components."
The plan said the facilities could be used by local schools and league teams.
The plan said the sports venue would need to include a multifield soccer facility, consisting of at least seven soccer fields across 26 acres, at least. It would also need to have typical amenities like parking, concessions and restrooms. The plan said developers would need to start building the soccer complex within two years of the EIP being approved.
The project also includes building 326 Class-A apartments, considered to be higher-quality and more expensive apartments. Developers also want to build hotels, retail space and restaurants in the area, according to the EIP.
The EIP said the developer would use the $8.9 million to install signage, signalization, fencing and public parking. Crews can also use the money to build wastewater collection systems, stormwater drainage improvements and other utility improvements needed for the project.
"The project will also offer shopping alternatives, restaurant alternatives and residential alternatives to the area that will draw residents and tourists to the county. These activities will be a major catalyst in making the Plan Area a prominent feature of the civic, economic, and cultural life of the County, providing a gathering place for people to play sports, live, shop and dine," the EIP said.