The Oak Ridge Industrial Development Board will consider a financing-related resolution for Main Street Oak Ridge during a special meeting on Monday. Main Street Oak Ridge would redevelop the former Oak Ridge Mall, the L-shaped structure pictured at center above. (Photo by John Huotari/Oak Ridge Today)
The Oak Ridge Industrial Development Board will consider a financing-related resolution for Main Street Oak Ridge during a special meeting on Monday.
The resolution would approve documentation related to the tax increment financing, or TIF, for Main Street Oak Ridge. The $13 million, 30-year TIF agreement would use new property tax revenues generated within the economic impact area to assist in the redevelopment.
The special IDB meeting starts at 4 p.m. Monday, August 24, in the Oak Ridge Municipal Building Training Room.
The $80 million Main Street Oak Ridge project would redevelop the former Oak Ridge Mall as a 60-acre site that could include retailers, restaurants, residential units, and a hotel. Belk and JCPenney would remain, but the vacant retail space between those two anchor stores would be demolished.
The demolition permit has been applied for and the site plan was approved by the Oak Ridge Municipal Planning Commission on August 6. Those are two crucial steps in the proposed redevelopment.
The developer, Crosland Southeast of North Carolina, plans to open Main Street Oak Ridge to retailers by Thanksgiving 2016.
More information will be added as it becomes available.
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Joseph Lee says
I am looking forward to the IDB meeting on Monday. It’s time to dot the I’s, cross the T’s and get on with the redevelopment of this area of Oak Ridge. The sooner the better. This is more good news for our city. Thank you to everyone that has been moving this process forward.
Philip W Nipper says
I agree Mr. Lee but 30 years is a long time. I think 20 years would be more agreeable to most folks. But, like you I am more than ready to see this project going forward. Hopefully there won’t be any water features to slow or halt the progression of the project …..
Joseph Lee says
Valid point Mr. Nipper, however a 30 year TIF is needed to make the numbers work. A 20 year term elevated risk to the point that the project may not fly. A 30 year term is less heartburn than 10 more years of what we’ve had. If it were easy it would have already been done. Thank you.
johnhuotari says
Philip,
Here is a story I did in September 2014 on extending the TIF for 10 years: http://oakridgetoday.com/2014/09/30/mall-project-clears-critical-hurdle-monday
Thank you,
John
Ellen Smith says
The TIF will continue until it’s paid off, or for 30 years, whichever comes sooner. It’s expected (and fervently hoped) that it get paid off a lot sooner than 30 years, but the investors wanted to have the longer term for their own protection.
Sam Hopwood says
We just gave away the store, lock, stock and barrel. The developer did not even show up for this meeting. The bankers are laughing all the way to the vault. Oak Ridger’s are so easy.
Joseph Lee says
Sam, I commend you for your consistency. You’re wrong again. Thank you.