Contact TDCContact TDC

Address
17 Market Square, #201
Knoxville, Tennessee  37902

Phone
p. (865) 546-5887
f.  (865) 546-6170

Contact Info
Todd Napier
President and CEO
tanapier@knoxdevelopment.org

Follow us on Twitter
Twitter @TDCKnox
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BUSINESS ASSISTANCE

Knox County PILOT Financing Procedures:

1.          Applicant makes initial inquiry to IDB staff

2.          Applicant reviews proposal with CountyMayor’s Office/staff

3.          IDB collects application and application fee (IDB Attorney provides estimate of legal expenses; Applicant forwards that amount to IDB Attorney who then deposits the fee into an escrow account)

4.          IDB Staff forwards application to Younger & Associates for analysis to determine the number of years the project qualifies for and the economic impact

5.          Applicant (or staff, if part of an incentive package) secures a letter of support from the CountyMayor’s office and submits to IDB staff

6.          IDB staff reviews application and analysis by Younger & Associates then prepares a recommendation for PILOT term, PILOT payment amount, and any lease terms

7.          IDB Application Review Committee review

7.1          Notice of meeting sent to media to publish 7-days in advance of meeting

7.2          Packet (Application, Younger & Associates analysis, staff recommendation, and County Mayor letter) sent to Committee 7-days in advance of the meeting

7.3          Committee prepares a recommendation to forward to IDB Board, in the form of minutes from the Application Review meeting

8.          IDB Board review

8.1          Notice of meeting sent to media to publish 7-days in advance of meeting

8.2          Packet (Application, Younger & Associates analysis, County Mayor letter, Minutes with Committee recommendation) sent to the Board 7-days in advance of the meeting

8.3          Staff and IDB Attorney prepare a resolution that includes terms of approval; Board may modify terms at meeting

8.4          Resolution approving the PILOT is signed by IDB Board Chair

8.5          If PILOT terms are within approved parameters, then CountyCommission review is not required

9.          IDB Attorney and staff prepare Lease Agreement and send to Applicant

10.      Applicant has 120 to sign Lease Agreement

11.      Closing

11.1      Date specified by Board or 120 Days after distribution by IDB Attorney; must occur prior to December 31st (year end)

11.2      Fees determined and remitted to IDB Attorney

12.      Closing documents (Lease Memo, Special Warranty Deed) prepares and recorded by IDB Attorney

12.1      IDB Attorney distributes recorded documents to Applicant, IDB staff, & Property Assessor’s office

12.2      Applicant distributes recorded documents to State Comptroller

12.3      IDB Attorney distributes fees to IDB staff for deposit

13.      Improvements Constructed

14.      IDB staff sends request to Lessee for Fiscal Summary of IDB Property; Lesee provides appropriate information to staff

15.      IDB Staff files the Annual Report with the State Board of Equalization, prior to October 1

16.      Shadow assessment by Property Assessor

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