The County Commission on Wednesday approved a tax abatement for an apartment project at the Chattanooga Bank Building downtown.
Officials said a tax relief program was in place earlier, but it had lapsed.
The resolution amended a prior resolution "relating to the granting of incentives to develop rental housing in downtown Chattanooga."
Trey Moss of Ray Moss Development is planning to redevelop the long-idle building with 74 apartment units, retail on the ground floor and offices on the top 11th floor.
Attorney Alfred Smith said full taxes would be paid on the ground floor and the 11th floor.
He said existing taxes would be paid on the apartment portion until the abatement period ends in about 14 years.
Kim White, River City Company president, endorsed the project. She said, "We really have a lack of rental housing downtown."