A city board on Monday will consider extending the tax agreement for the redevelopment of the Oak Ridge mall from 20 years to 30.
The Oak Ridge Industrial Development Board will consider the change to the tax increment financing, or TIF, agreement during a special meeting Monday afternoon.
It’s one of a series of resolutions expected to be considered by the IDB and Oak Ridge City Council during special-called meetings on Monday, September 29.
The IDB and City Council will also be asked to consider resolutions to fund certain public infrastructure improvements for the mall project, now renamed Main Street—Oak Ridge. Those improvements would be funded from existing city resources and grants. Those efforts would then allow up to $2 million of the TIF funding to be placed in a reserve fund, according to a Tuesday press release.
The IDB meeting starts at 4 p.m. Monday in the Joyce Conference Room at the Oak Ridge Chamber of Commerce at 1400 Oak Ridge Turnpike. See the agenda here: IBD Special Meeting on Oak Ridge Mall.