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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