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Article: Development Corp. OKs $1.7M loan for purchase of Baxter Avenue site.
- Article from:
- The Knoxville News-Sentinel (Knoxville, TN)
- Article date:
- April 14, 2006
CopyrightCOPYRIGHT 2006 The Knoxville News-Sentinel. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Roger Harris
Apr. 14--Nine years after the last of the old Brookside Mills buildings was demolished, the Development Corporation of Knox County has set in motion a plan to buy and redevelop the property.
The Development Corp. voted unanimously Thursday to loan $1.7 million to the Industrial Development Board of Knoxville to buy the 19.5-acre property on Baxter Avenue north of downtown.
The proposed loan would include $1,575,000 for the purchase price and $125,000 to buy an environmental liability insurance policy. The site is a brownfield with some contaminated soil, but potential pollution issues "are manageable," said Mike Edwards, CEO ...