The proposed tax financing agreement to help redevelop the Oak Ridge Mall could be worth up to $13 million and last 20 years, and when complete, the 60-acre site in the center of the city could include a mix of mostly retail and some office space, a hotel, and up to 50 multi-family residential units.
The proposed tax financing agreement to help redevelop the Oak Ridge Mall could be worth $13 million and last 20 years, and when complete, the 60-acre project in the center of the city could include a mix of mostly retail and some office space, a hotel, and up to 50 multi-family residential units.
The developer, C4 Investments LLC of North Carolina, could spend more than $85 million converting what is now a mostly empty enclosed mall into an open-air, retail-driven, mixed-use property.
The redevelopment plan calls for about 400,000 square feet of retail space and roughly 60,000 to 100,000 square feet of office space, according to an economic impact plan to be discussed at a public hearing at 5 p.m. today (Thursday) and considered during a special meeting of the Oak Ridge Industrial Development Board.
The project would use tax increment financing—also known as a TIF—to help pay for part of the public infrastructure costs as well as other “permitted costs.” TIFs allow new property tax revenues generated at a site to be used for site development.
If the IDB recommends the TIF today, it would still have to be considered by Oak Ridge City Council and Anderson County Commission.
The public hearing and special meeting start at 5 p.m. in the Oak Ridge Municipal Building Courtroom. See the resolution and economic impact plan that will be considered there: Oak Ridge Mall Resolution and Economic Impact Plan.
More information will be added as it becomes available.
Leave a Reply