Knoxville City Manager Harold Stewart says the city is creating an urban renewal area to help with funding for current and future projects.
Stewart says Tax Increment Financing funds have been recommended to be used for the local match on the 3M expansion project, but state law requires that they can only be used if the project is in an urban renewal area.
To create one, the city must create an urban renewal plan and the intent is to include the Red Rock Industrial Park project in this plan as well.
Stewart says the designation will help with funding for the 3M project while minimizing the local tax burden as the Red Rock Industrial Park project moves forward.