The two state approvals required for the $13 million tax financing agreement for the proposed redevelopment of the Oak Ridge Mall have now been granted.
Tennessee Comptroller Justin P. Wilson notified mall redevelopment representatives of his approval in a Feb. 5 letter.
Earlier, in January, the Tennessee Department of Economic and Community Development notified project representatives that it had approved the proposed tax increment financing, or TIF, but would not issue a separate letter.
Under Tennessee law, the comptroller and ECD both had to approve the TIF after considering whether its use is in the state’s best interest. The comptroller said it was in the Feb. 5 letter.
ECD approval was granted in a different manner. In a January e-mail, ECD General Counsel Sharon Kolb said the department had received the request for a “best interest” determination for the Oak Ridge Mall on Dec. 19. Since the department did not approve or deny the request within 30 days, it was deemed approved under the Tax Increment Financing Act, Kolb said. [Read more…]