An unnamed business could request tax incentives to redevelop the historic but run-down Alexander Inn, city officials said Friday.
The Oak Ridge Industrial Development Board could hear a few brief summary of the proposal during a meeting this afternoon, although few details are publicly available. The potential owner or developer could request tax increment financing, or TIF, which uses new property tax revenues generated at a site to pay for improvements.
On Friday, Oak Ridge officials said they only have preliminary information.
“This may come our way,” IDB Chairman Bill Biloski said. He said he doesn’t have a client name or TIF amount.
Oak Ridge City Manager Mark Watson said the TIF could be requested before the end of the year.
Famous scientists and Manhattan Project leaders once stayed at the Alexander Inn, a vacant, two-story hotel in Jackson Square, and historic preservationists have lobbied to save it for years.
As part of an East Tennessee Technology Park agreement announced Aug. 10, the U.S. Department of Energy said it is giving a $500,000 grant to the East Tennessee Preservation Association to help save the hotel. The grant will be used to buy the property and stabilize the structure until the inn can be transferred to a private developer.
Officials said the ETPA could receive the grant within 30 days.
Today’s IDB meeting begins at 4 p.m. in the Oak Ridge Municipal Building Training Room.
Susie Williams Taylor says
In my opinion, Oak Ridge City Officials would be very wise in allowing this tax increment financing! Time will tell just how insightful our City Officials are~~~
Please, please tell me we are not going to pour money into this bottomless pit. Let it collapse and die. OR has FAR more pressing needs than to continue this charade. let’s live for the future, not the past.
Robert Humphries says
Oh, no! Not another handout! The word must be out….hit the “suckers” in Oak Ridge. Their leaders (so-called) will soak them and give US a break!
Ellen Smith says
It’s premature to start complaining about this. Nobody has requested any incentives yet, and the City most definitely hasn’t agreed to do anything for anybody. The Alexander was discussed briefly at the IDB meeting today (I was there), but very little information was provided.