The city Industrial Development Board on Monday will be asked to approve an "East Chattanooga Rising" Tax Increment Financing (TIF) District at the former Harriet Tubman site.
The TIF project would then go on to the City Council for its approval.
The project is built around plans by Nippon Paint to invest $59 million on a 28.94-acre site.
Some $4 million in infrastructure improvements are planned at the site, and that would be repaid through dedicated taxes from the Nippon facility at 3.5 percent interest over 20 years.