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Bonds sold Tuesday for Preschool, Senior Center

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A rendering of the new Oak Ridge Preschool at Scarboro Park. (Image courtesy City of Oak Ridge/Studio Four Design)

A rendering of the new Oak Ridge Preschool at Scarboro Park. (Image courtesy City of Oak Ridge/Studio Four Design)

 

Bonds sold Tuesday morning for three construction projects: Oak Ridge Preschool, Oak Ridge Senior Center, and Scarboro Park renovations.

The bonds sold at 10:15 a.m. Tuesday, Oak Ridge City Manager Mark Watson said.

There were six competitors. Fidelity Capital Markets had the low bid, with an interest rate of 3.613651 percent.

It’s considered a good interest rate. Anything below 4 percent is good, Watson said.

There wasn’t a large spread between the six bidders. The highest bidder had an interest rate of 3.720288. [Read more…]

Council to consider bond resolution for Preschool, Senior Center Monday

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A rendering of the new Oak Ridge Preschool at Scarboro Park. (Image courtesy City of Oak Ridge/Studio Four Design)

A rendering of the new Oak Ridge Preschool at Scarboro Park. (Image courtesy City of Oak Ridge/Studio Four Design)

 

The Oak Ridge City Council will consider a resolution this evening to issue up to $13.75 million in bonds so the city can build a new preschool and senior center, and make improvements at Scarboro Park as part of the preschool project.

The special meeting starts at 6 p.m. Monday, October 29, in the Oak Ridge Municipal Building Courtroom at 200 South Tulane Avenue.

Council approved an initial bond resolution of up to $16.5 million for the preschool and senior center projects during a meeting on Monday, September 10. That amount is higher than the amount of tonight’s bond resolution. Some savings have been realized compared to original estimates, Oak Ridge City Manager Mark Watson said in a memo to Council members. [Read more…]

Council approves initial bond resolution for Preschool, Senior Center

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A rendering of the new Oak Ridge Preschool at Scarboro Park. (Image courtesy City of Oak Ridge/Studio Four Design)

A rendering of the new Oak Ridge Preschool at Scarboro Park. (Image courtesy City of Oak Ridge/Studio Four Design)

 

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…]

City Council to consider $16.5 million in bonds for Preschool, Senior Center projects

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A rendering of the new Oak Ridge Preschool at Scarboro Park. (Image courtesy City of Oak Ridge/Studio Four Design)

A rendering of the new Oak Ridge Preschool at Scarboro Park. (Image courtesy City of Oak Ridge/Studio Four Design)

 

The Oak Ridge City Council on Monday will consider whether to issue bonds of up to $16.5 million to build a new Oak Ridge Preschool and Oak Ridge Senior Center, and redevelop Scarboro Park.

The two projects have an estimated cost of roughly $16 million, according to the City Council agenda for Monday. The bond resolution includes about $500,000 extra for the costs of issuing the bonds and for project contingencies.

The Preschool and Scarboro Park improvements have a total estimated cost of about $12.5 million. About $11.1 million of that is for construction.

The Senior Center has a total estimated cost of roughly $3.5 million. About $3.1 million of that is for construction. [Read more…]

Mall redevelopment could cost $80 million, create close to 1,000 jobs

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Oak Ridge Mall Master Plan

The site plan for the redevelopment of the Oak Ridge Mall shows a multi-use, town center development with retail, office, hotel, and residential properties. (Submitted image)

The project could include retail, hotel, office, and residential properties, and generate more than $2 million per year in new city and county sales tax revenues, consultant says

Note: This story was last updated at 2 p.m.

The North Carolina company that wants to redevelop the Oak Ridge Mall has unveiled its site plan for the 60-acre property.

The $80 million redevelopment could include new retail, hotel, office, and residential properties. It would create almost 1,000 new jobs and increase annual city and county sales tax revenues by more than $2 million, according to an estimate by a city consultant.

The two remaining anchor stores at the 500,000-square-foot mall, JCPenney and Belk, would stay. So would Walmart and the Cinemark Tinseltown theater.

Meanwhile, the existing interior space between the anchor stores would be demolished. Previous mall redevelopment plans had also called for demolishing that interior retail space. [Read more…]

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