Knoxville College is waiting for a decision from the Tennessee Higher Education Commission on whether they can begin enrolling students again in 2018.
The college suspended classes indefinitely in 2015, and staff members were ordered to move out of the last two campus buildings previously deemed safe enough to occupy in early 2017.
Right now, the college is not able to instruct, enroll or recruit any new students.
Leaders say they've been working on repairs and rebuilding with a goal of reopening this year.
"We have had tremendous success to this point and we are continuing to ride this momentum. It is challenging because it does encompass many moving parts; however, we are being proactive in our approach to have the infrastructure in place once we receive our approval from THEC," Knoxville College President Keith Lindsey told 10News on Wednesday.
A THEC representative said the commission is considering the college's proposal to begin offering a new educational program, and will make a recommendation for the application to be accepted or dismissed.
There is no deadline for the commission's decision.
Knoxville College first filed paperwork with THEC in March 2017, and representatives from Knoxville College and THEC have been going back and forth for more information over the past few months, according to THEC Assistant Executive Director and Lead Attorney Julie Woodruff.
If the plan is approved, Knoxville College plans to offer a Liberal Studies Associate of Arts degree, which would be a two-year general studies associates degree.
"This program would allow students to directly enter the workforce in a variety of jobs available with a two year degree and prepare them to complete a four year degree program," Lindsey said.
He said the college has prepared a master plan to address the school's fiscal needs and manage its debt.
The only campus building the college is currently able to use if the church annex which houses administrative offices, according to Lindsey.
He said the Knoxville College Board of Trustees recently made a formal proposal to the city and county to share in the redevelopment of the college.
"The city and the county are both desiring for Knoxville College to once again become a strong, viable institution of higher learning," Lindsey said. "We are also taking the necessary steps to form positive networks that will be the catalyst for more public-private partnerships."