The city’s acceptance of three rebuilt roads at Main Street Oak Ridge triggered $1.5 million in funding for the public improvement work.
The Oak Ridge City Council unanimously agreed to accept the roads—Main Street East, Main Street West, and Wilson Street—in a 7-0 vote on Monday, November 13.
The developer, TN Oak Ridge Rutgers LLC, which is affiliated with RealtyLink of Greenville, South Carolina, has certified $1.84 million worth of public improvements to the three roads. Most of that, or $1.28 million of it, was for asphalt, base, earthwork, demolition, storm and “wet utilities,” among other work, according to a letter to Oak Ridge City Manager Mark Watson from Manager Phillip J. Wilson.
The next largest portion of the costs, roughly $320,000, was for electrical work. There were also land costs of $179,000, according to Wilson’s letter to Watson.
In a public-private partnership with RealtyLink, the City of Oak Ridge had agreed to provide $1 million in capital funding for the project, and the Oak Ridge Industrial Development Board had agreed to give $500,000.
City Council’s agreement to accept the roads and infrastructure authorized the transfer of city funding to the IDB, which could then issue a single check. That can be used to help RealtyLink recover its costs for the roadways and infrastructure improvements.
The Oak Ridge Municipal Planning Commission had voted 8-0 in a special meeting on Thursday, November 9, to accept the roads.
Here is background about the project from a November 9 memo to City Council from Watson:
The City of Oak Ridge has entered into a tax increment financing agreement with RealtyLink of Greenville, South Carolina, for the redevelopment of the former Oak Ridge Mall. The reconstruction has allowed for the construction of new retail storefronts and new street infrastructure on the 65-acre site. As an incentive to the developer, the city and its IDB agreed to provide $1.5 million in incentive funding for the improvements to infrastructure used by the public, including streets, utilities, and electric services. These improvements would be transferred to the city as part of its public infrastructure.
The city departments have continuously conducted inspections, monitored construction, and located infrastructure with proper spacing as required by code. The project is 100 percent completed and ready for the transfer to occur, excepting some minor cleanup and administrative details. Department directors have identified that it is sufficient for the transfer to be completed.
The Council resolution accepts the roads, sidewalks, and underlying utility infrastructure for perpetual maintenance.
You can see the City Council agenda here.
More information will be added as it becomes available.
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