At Monday’s Knoxville City Council meeting, the council approved an amendment to the Park Lane Urban Renewal Area. Knoxville City Manager Aaron Adams explains that this measure is related to the VA Campus development project, and that this change prevents property taxes from increasing.

“What this allows us to do, and what we did in the most recent council meeting was to make some changes to the urban renewal area plan, its boundaries, and the collections on it. It’s going to allow us to continue to collect that tax increment financing revenue and pool it in a fund that we’ll actually be able to use to help develop the VA campus. What’s really good for people in Knoxville, and what I want them to know is by making this change, it’s helping us to come up with almost another million dollars for investment to the VA campus, and we’re able to do it without raising anyone’s taxes.”

Complete details about this amendment and its impact on the residents of Knoxville can be heard on today’s Let’s Talk Knoxville.