The Oak Ridge City Council on Monday unanimously approved an initial bond resolution of up to $16.5 million to build a new Oak Ridge Preschool and Oak Ridge Senior Center, and redevelop Scarboro Park.
It’s not the final bond resolution for the projects. The initial bond resolution approved in a 7-0 vote on Monday sets a ceiling amount for the debt issuance. A second resolution, a bond issuance resolution, will be brought to City Council, possibly at the October 8 meeting, for the actual bond issuance amount.
The City of Oak Ridge has opened the bidding period for the two projects, which have a total estimated cost of roughly $16 million. That announcement was made Friday.
But the city doesn’t know yet what the actual bids will be. And it’s not clear how steel tariffs might affect the projects, Oak Ridge City Manager Mark Watson said. [Read more…]