In two special meetings today, local officials will consider adding another 10 years to a tax incentive agreement for the long-awaited redevelopment of the Oak Ridge mall, and they will also consider authorizing improvements to public infrastructure, including the rebuilding of three private roads: Main Street East, Main Street West, and Wilson Street.
The tax incentive is known as tax increment financing, or TIF. It would use new property tax revenues generated at the mall site, which will be renamed Main Street Oak Ridge, to help pay for development costs.
A 20-year, $13 million TIF and economic impact plan were approved by the Oak Ridge Industrial Development Board, City Council, and Anderson County Commission in November, and by Tennessee officials in January.
But the IDB and City Council will now consider extending the TIF term to 30 years. The extension would also have to be approved by the Anderson County Commission and Tennessee officials. [Read more...]