IDB TIF Application

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TIF Application

The Industrial Development Board of the County of Knox views its core mission as the promotion of economic development and growth in Knox County, and in particular commercial and industrial projects that involve a significant capital investment and the generation of new jobs with wages in excess of the annual average wage in Knox County. The TIF Program is designed for economic development projects that provide improvements to public infrastructure in blighted and under-utilized areas of Knox County and in other properties designated by Knox County Commission and City Council. Please address the following factors as they related to your Project:

Economic Development(Required)

Will the proposed Project involve significant capital investment and the generation of new jobs with wages in excess of the Knox County annual average wage?

Yes

No

Please specify in detail, using additional sheets if necessary.(Required)

File

Max. file size: 2 GB.

Blight Removal(Required)

Will the proposed Project remove blight?

Yes

No

Please specify in detail, using additional sheets if necessary.(Required)

File

Max. file size: 2 GB.

Pursuit of Community Plan or Policy(Required)

Will the proposed Project further the pursuit of an existing community plan or policy?

Yes

No

Please specify in detail, using additional sheets if necessary.(Required)

File

Max. file size: 2 GB.

Environmental Remediation(Required)

Will the proposed Project address environmental remediation?

Yes

No

Please specify in detail, using additional sheets if necessary.(Required)

File

Max. file size: 2 GB.

Public Infrastructure Need(Required)

Will the proposed Project address current public infrastructure needs?

Yes

No

Are the proposed public infrastructure improvements indentified in the County’s or City’s current Capital Improvements Plan?(Required)

Yes

No

Please specify in detail, using additional sheets if necessary.(Required)

File

Max. file size: 2 GB.

Are the proposed public infrastructure improvements indentified in any County or City plans?(Required)

Yes

No

Please specify in detail, using additional sheets if necessary.(Required)

File

Max. file size: 2 GB.

If the proposed public infrastructure improvements are not in the County or City Capital Improvements Plan or any other existing City or County plan, please describe in detail the public’s need for the public infrastructure and the basis for the priority or urgency for the public infrastructure, as requested by the Application.(Required)

Other (please specify)

I. Applicant Information

Name of Applicant(Required)

First Last

Phone(Required)

Email(Required)

Business Name(Required)

Business Address(Required)

Street Address Address Line 2 City State / Province / Region ZIP / Postal Code Country

Website(Required)

Type of Business Entity:(Required)

Sole Proprietorship

For-Profit Corporation

Limited Liability Company

Limited Partnership

General Partnership

Nonprofit Corporation

Provide the street addresses of the project site:(Required)

Provide a legal description of the project site and a description of the leased premises, if applicable.

Currently, does the Applicant own or lease the property?(Required)

(Check one)

Own

Lease

Neither

At project completion, who will occupy (operate business on) the site?(Required)

Evidence of Site Control:

A. If the Applicant owns the project site, attach a copy of the Applicant’s deed.

Max. file size: 2 GB.

Also indicate: Mortgage Holder(s):

Total annual mortgage payment (principal & interest)(Required)

Total outstanding balance of existing mortgage(s):(Required)

Name, address, and phone numbers of other persons or entities having an ownership interest in the property to be developed, if applicable:

B. If the Applicant has a contract or option to purchase the project site, attach a copy of the agreement or option contract.

Max. file size: 2 GB.

Also indicate date contract was signed:

Closing/expiration date:

C. If the Applicant currently leases or will lease the project site, attach a copy of the lease or lease option contract.

Max. file size: 2 GB.

Also indicate: Legal name of Owner as noted on the deed(s):(Required)

Name of person who signed lease for Tenant(lessee):(Required)

Landlord/Owner’s name, address and phone number:(Required)

II. Project Description

Indicate the total amount of TIF assistance requested (in current dollars), to be paid from TIF Revenues:(Required)

Also provide a breakdown of the capital costs and the financing costs to be paid by TIF Revenues.

Number of years TIF assistance is requested:(Required)

(existing policy is that TIF transaction will have a maximum term of 15 years)

Has any other government assistance (funds, tax incentives, or other economic benefits) been provided to the Applicant or the property? (Check one):(Required)

Yes

No

If yes, describe the type, source, and amount of assistance provided:(Required)

Provide a list of all properties comprising the plan area by (CLT), along with the most recent tax bill for each parcel.

Copies of tax bills can be obtained from the City of Knoxville, Senior Director of Finance and Accountability, 400 Main Street, Suite 6, phone (865) 215-2084, Knox County Trustee’s Office, 400 Main Street, Suite 418, phone (865) 215-2305.

CLT # (Parcel Identification Number)(Required)

Assessed Value(Required)

Taxes(Required)

Project Narrative: Write a brief description of the project. Be as specific as possible about timing, scope of work, type of construction and financing. Attach additional sheets if necessary. Provide interior and exterior photographs.(Required)

Land Area of Project Area (in square feet or acres):(Required)

Zoning Classification of Project Area (by parcel):(Required)

Land Area of Plan Area (in square feet or acres):(Required)

Zoning Classification of Plan Area (by parcel):(Required)

Photo Uploads

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Max. file size: 2 GB.

Use of Funds (Entire Project):

Land Acquisition Amount ($)(Required)

Percent (%)(Required)

Site Development Amount ($)(Required)

Percent (%)(Required)

Public Improvements Amount ($)(Required)

Percent (%)(Required)

Building Costs (Hard) Amount ($)(Required)

Percent (%)(Required)

Soft Costs Amount ($)(Required)

Percent (%)(Required)

TOTAL AMOUNT ($) - Percentages above must equal to 100%(Required)

Sources of Funds:

Owner’s Equity ($)(Required)

Percent (%)(Required)

Construction Loan ($)(Required)

Percent (%)(Required)

Mezzanine ($)(Required)

Percent (%)(Required)

Seller Financing ($)(Required)

Percent (%)(Required)

Tax Increment ($)(Required)

Percent (%)(Required)

Other ($)

Percent (%)

TOTAL AMOUNT ($) - Percentages above must equal to 100%(Required)

Total Estimated Project Cost ($)(Required)

When will construction start (Month/Year)?(Required)

When will construction be completed (Month/Year)?(Required)

Please list what public improvement(s) are eligible for tax increment financing and estimated cost:

CATEGORY A

Site Work / Grading: (Quantity)(Required)

Estimated Cost: ($)(Required)

Storm Sewers: (Quantity)(Required)

Estimated Cost: ($)(Required)

^ Storm Sewers - PIPES: (Quantity)(Required)

^ Estimated Cost: ($)(Required)

^ Storm Sewers - STRUCTURES: (Quantity)(Required)

^ Estimated Cost: ($)(Required)

Stormwater Facilities: (Quantity)(Required)

Estimated Cost: ($)(Required)

Flood Control: (Quantity)(Required)

Estimated Cost: ($)(Required)

Retaining Walls/Tunnels: (Quantity)(Required)

Estimated Cost: ($)(Required)

Sanitary Sewer Lines: (Quantity)(Required)

Estimated Cost: ($)(Required)

^ Sanitary Sewer Lines - PIPES: (Quantity)(Required)

^ Estimated Cost: ($)(Required)

^ Sanitary Sewer Lines - STRUCTURES: (Quantity)(Required)

^ Estimated Cost: ($)(Required)

Water Lines: (Quantity)(Required)

Estimated Cost: ($)(Required)

Paving / Driveways: (Quantity)(Required)

Estimated Cost: ($)(Required)

Street, Curbs, Gutters: (Quantity)(Required)

Estimated Cost: ($)(Required)

Ramps/Roads/Bridges: (Quantity)(Required)

Estimated Cost: ($)(Required)

Off-Street Parking Structures: (Quantity)(Required)

Estimated Cost: ($)(Required)

Sidewalks: (Quantity)(Required)

Estimated Cost: ($)(Required)

Landscaping / Fencing: (Quantity)(Required)

Estimated Cost: ($)(Required)

Artificial Lighting: (Quantity)(Required)

Estimated Cost: ($)(Required)

Greenways/Walking Trails: (Quantity)(Required)

Estimated Cost: ($)(Required)

Mass /Public Transit Facilities: (Quantity)(Required)

Estimated Cost: ($)(Required)

Traffic Signals: (Quantity)(Required)

Estimated Cost: ($)(Required)

Signage: (Quantity)(Required)

Estimated Cost: ($)(Required)

TOTAL - CATEGORY A: ($)(Required)

CATEGORY B

Electrical Services: (Quantity)(Required)

Estimated Cost: ($)(Required)

Utility Infrastructure: (Quantity)(Required)

Utility Under-grounding: (Quantity)(Required)

Estimated Cost: ($)(Required)

Telecom Services: (Quantity)(Required)

Estimated Cost: ($)(Required)

Utility Relocation: (Quantity)(Required)

Estimated Cost: ($)(Required)

Other Items: (Quantity)(Required)

Estimated Cost: ($)(Required)

TOTAL - CATEGORY B: ($)(Required)

Other public improvements:

(provide a description and breakdown of costs in sufficient detail for an engineering review of cost estimates)

Development Team

Please list the business name, contact person, address, work and fax phone numbers, and email address for the following members of the Development Team:

Contractor:(Required)

Architect/Engineers:(Required)

Accountant:(Required)

Project Manager:(Required)

Construction Manager:(Required)

Dev. Consultant:(Required)

III. Supplemental Information

Note to Applicant – All Exhibits from the checklist must be complete before IDB staff will submit your request for tax increment financing for initial consideration by the Knox County Commission and/or City Council.

Exhibit A

Tax Increment Application Affidavit (submitted for preliminary qualification): Applicant will list and specify all Eligible TIF Costs in detail
Applicant will acknowledge the maximum tax incentive available for the Project (See Sections 4.1 through 4.3 for guidance)
Applicant and/or the lead financing entity will sign an affidavit that the project would not be financially feasible, if it were not for the Tax Increment Financing.

Applicant will pay IDB Application Fee of ($):(Required)

File Upload

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Max. file size: 2 GB.

Exhibit B

Declaration of Development Team and Disclosure of Principals and Entity, including:
History of the Development Entity
Resumes of all principals and key individuals
Organizational structure of the development entity

File Upload

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Max. file size: 2 GB.

Exhibit C

Copies of Project Contracts and/or Memoranda of Understanding
Detailed Performance/Construction Schedule
Site Plan and Rendering w/qualifying public improvements identified
Copies of Deeds, Leases, and Option Contracts FIRMette from FEMA issued Flood Insurance Rate Maps (FIRMs) www.msc.fema.gov
Photographs of Property
Tax Bills
Survey
Maps of the Plan Area and the Project Area

File Uploads

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Max. file size: 2 GB.

Exhibit D

Project Funding and Financial Information, including:
List and breakdown of Sources and Uses of Funds to undertake Project
Detailed projections of TIF Revenues by parcel for the term of the requested TIF and narrative describing the basis and assumptions for the projections
Pro-forma financial statement for five (5) years (if multiple entities are involved, the pro forma statements should be prepared on an entity basis and on a consolidated basis)
Current financial statements (2 yrs.); P & L (2 yrs.); and Balance Sheet (2 yrs.)
(if newly formed, a copy of a balance sheet as of the most recent month-end)
Current banking relationships
Evidence of bonding capacity or letter of credit

File Uploads

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Max. file size: 2 GB.

VII. Signature

I, the undersigned, affirm that the project descriptions, numerical and financial estimates, and all other information I have provided in this Application are true and complete to the best of my knowledge. I have read and understood the requirements described in this Application, including the Tax Incentive Financing Program of The Industrial Development Board of the County of Knox. Furthermore, I certify that I am authorized to initiate the TIF application process on behalf of the Applicant and the Project described. The undersigned, furthermore, agrees to provide such additional information and documentation, from time to time, as the Board may consider necessary or convenient to determine the advisability of providing tax increment financing to the Applicant. The undersigned agrees to pay or reimburse the Board for all costs, fees and expenses, including A-9 A-10 attorneys’ fees, incurred by the Board in considering, evaluating, and enforcing the provisions of the Application and the Policies and Procedures of the Tax Increment Financing Program. In certain instances the Board may require that principals of the Applicant guarantee the payment of the above costs and supply the Board with financial statements of such principals.

Signed:(Required)

Date:(Required)

Title:(Required)

Legal Disclaimer

COMPLETION OF THIS APPLICATION DOES NOT ENTITLE THE APPLICANT TO FINANCIAL ASSISTANCE. ANY SUCH ASSISTANCE MUST BE APPROVED BY THE KNOX COUNTY COMMISSION OR CITY COUNCIL FOR THE CITY OF KNOXVILLE, TENNESSEE.

Click Here to Download Affidavit to TIF Application

Attach Completed Affidavit(Required)

Max. file size: 2 GB.

Click Here to Download TIF Procedure Diagram

Name

This field is for validation purposes and should be left unchanged.

TIF Application

I. Applicant Information

Evidence of Site Control:

II. Project Description

Provide a list of all properties comprising the plan area by (CLT), along with the most recent tax bill for each parcel.

Use of Funds (Entire Project):

Sources of Funds:

Please list what public improvement(s) are eligible for tax increment financing and estimated cost:

CATEGORY A

CATEGORY B

Development Team

III. Supplemental Information

Exhibit A

Exhibit B

Exhibit C

Exhibit D

VII. Signature

Legal Disclaimer

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