The Anderson County Operations Committee will consider the tax financing plan for the $85 million redevelopment of the Oak Ridge Mall during a Monday evening meeting.
The Anderson County Operations Committee will consider the tax financing plan for the $85 million redevelopment of the Oak Ridge Mall during a Monday evening meeting.
The tax financing agreement could be worth $13 million and last 20 years. It would allow new property tax revenues generated at the site to be used to help pay for development costs.
The tax increment financing, or TIF, proposal has already been unanimously endorsed by the Oak Ridge Industrial Development Board.
It will be considered by the Operations Committee in a meeting that starts at 6 p.m. today in Room 312 of the Anderson County Courthouse in Clinton. It will also be considered at 4 p.m. Thursday by the Anderson County Budget Committee; at 7 p.m. Monday, Nov. 11, by the Oak Ridge City Council; and at 6:30 p.m. Monday, Nov. 18, by the Anderson County Commission.
The redevelopment of the mostly empty mall has been proposed by Crosland Southeast, a North Carolina company. Under the tax financing agreement, new property taxes collected in the TIF district could be used to reimburse Crosland Southeast for certain expenses associated with the project.
Click here to read more information about the 59-acre project. The redeveloped property would be named Freedom Park and could open in 2016, create an estimated 950 to 1,000 new jobs, and increase city and county sales tax revenues by about $2.16 million.
Also tonight, the Anderson County Operations Committee will consider the salary lawsuit filed by Anderson County Sheriff Paul White against Mayor Terry Frank and receive an update on the closed Johnson Gap Road railroad bridge northwest of Clinton.
Leave a Reply