Oak Ridge Today

Pinnacle Financial Partners to acquire CapitalMark Bank and Trust

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CapitalMark Bank and Trust Oct. 9, 2012

The front of CapitalMark Bank and Trust in Oak Ridge is pictured above on Oct. 9, 2012. (File photo)

 

David Bradshaw will continue to serve as Oak Ridge president

Pinnacle Financial Partners Inc., the second-largest bank based in Tennessee, on Tuesday announced an agreement to acquire CapitalMark Bank and Trust, which has a location in Oak Ridge. The merger is expected to close late in the third quarter or early in the fourth quarter of 2015.

David Bradshaw, CapitalMark’s Oak Ridge president, will become Pinnacle’s city president for Oak Ridge. CapitalMark clients will continue to work with their banker teams, which in Oak Ridge includes Bradshaw and Andy Boyer.

“CapitalMark is excited to partner with an organization that shares our commitment to excellent client service and has demonstrated strong operating performance and a long-term track record of growth,” said R. Craig Holley, CapitalMark’s chairman, president, and chief executive officer. “I strongly believe that, collectively, the two franchises can accomplish more, grow more efficiently, and realize more value for our shareholders together than independently. Since CapitalMark’s founding in 2007, we have focused on businesses and their owners, and we will continue that tradition with Pinnacle.” [Read more…]

Bradshaw, Whitson to be honored at Oak Ridge Chamber Luncheon on Thursday

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David Bradshaw

David Bradshaw

Stephen Whitson

Stephen Whitson

The Oak Ridge Chamber of Commerce will honor two area businessmen—David Bradshaw and Stephen Whitson—at its annual program of work kickoff luncheon to be held on Thursday, March 19, at the Riverside Grille.

Bradshaw and Whitson will receive the Chamber’s most prestigious awards at the event, the One Voice—One Vision Luncheon, a press release said.

Bradshaw, president of the Oak Ridge branch of CapitalMark Bank and Trust, will receive the Eugene L. Joyce Lifetime Achievement Award. The award is given to a nominee who has truly distinguished himself or herself and embodies the essential values of volunteerism, community service, and dedication to the economic vitality of our community. It is the Oak Ridge Chamber of Commerce’s preeminent award given to honor the memory of the late Eugene L. Joyce. [Read more…]

Progress PAC endorses three each for City Council, BOE

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Kelly Callison

Kelly Callison

Ellen Smith

Ellen Smith

Warren L. Gooch

Warren L. Gooch

 

The new Progress PAC political action committee has endorsed three candidates each for Oak Ridge City Council and Oak Ridge Board of Education.

The three candidates endorsed in the City Council race are Kelly Callison, Warren Gooch, and Ellen Smith. The three endorsed in the School Board race are Bob Eby, Paige Marshall, and Laura McLean.

“PAC board members feel these candidates best support exceptional schools and jobs in Oak Ridge via teamwork between the Board of Education and City Council,” a press release said. [Read more…]

Guest column: Progress PAC helps broaden conversation of community issues

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By Progress PAC

We are very proud that the Oak Ridge Chamber of Commerce has entrusted us to serve as the members of Progress PAC, the multi-candidate political action committee created by the Chamber and focused on our upcoming school board and city council elections. Though we are appointed by the Chamber’s Board of Directors, we operate independently from that same board.

Some people in the community have questions about how Progress PAC will operate, who we might support, and how endorsements might be made. Some have criticized the timing of Progress PAC’s establishment, and we acknowledge it could have been better. However, our primary goal is to have a positive impact in this election cycle.

Now that Progress PAC has been created, we are largely autonomous. The Chamber’s Board may not approve or disapprove of any endorsement decisions we may make; the Chamber’s Board cannot approve or disapprove of contributions that Progress PAC either receives or distributes. The Chamber contributes no funds to PAC operations; we are supported by donations made directly to the PAC and we must report those to the appropriate election commissions. [Read more…]

Mall project clears critical hurdle Monday

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Oak Ridge Village Area Rendering

 

Tim Sittema

Tim Sittema

Council, IDB approve TIF extension, grant, roadway work

The proposed redevelopment of the Oak Ridge mall cleared a critical hurdle on Monday when city officials agreed to extend a property tax agreement for the 59-acre project, authorize $2 million in roadway and other infrastructure work, and offer a $500,000 grant if some federal funding is not approved.

Officials described the proposed redevelopment, named Main Street Oak Ridge, as an $80 million project that could fill a “hole in the heart” of Oak Ridge, bring new retail life to the city’s downtown, and build a lasting legacy.

Monday’s moves were meant to reduce the risk for four local lenders that could combine to offer $13 million in loans to part of the redevelopment under a tax increment financing, or TIF, agreement. That incentive would use new property tax revenues generated at the mall site and 120 surrounding acres included in the TIF area to repay those loans. Officials said the loans could be repaid in 18 years, according to financial models.

David Bradshaw

David Bradshaw

But in two separate special meetings on Monday, the Oak Ridge Industrial Development Board and Oak Ridge City Council agreed to extend the TIF term from 20 years to 30. That extra 10 years is meant to act as a “shock absorber” and help make sure that the banks are repaid if there is a “glitch” in the project that would push the repayment past the previously approved 20-year term, officials said.

“This is not a ‘home run’ project for us as financial institutions,” said David R. Bradshaw, Oak Ridge president of CapitalMark Bank and Trust, one of the financial institutions that could participate. But, he added, “It is the right thing to do for the community.” [Read more…]

Oak Ridge mall to have new name, banks considering financing

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Oak Ridge Village Area Rendering

 

Tim Sittema

Tim Sittema

The redeveloped Oak Ridge mall will have a new name, and local banks and credit unions are considering helping with project financing, executives said Tuesday.

The redeveloped mixed-use property will be known as Main Street—Oak Ridge, said Crosland Southeast, the North Carolina development firm that has been working with the city of Oak Ridge to redevelop the site, including through significant demolition and new construction. The name was chosen after long consideration of a new brand identity for the development, including involvement by Oak Ridge High School students.

“Most everyone we talked to in Oak Ridge was positive about creating a downtown destination for the community—something that says this place is the heart of the city,” said Crosland Southeast partner Tim Sittema. “The site already has Main Street running through it; so Main Street—Oak Ridge is the obvious choice.”

David Bradshaw

David Bradshaw

Construction is expected to begin in early 2015, with an opening anticipated in the third quarter of 2016, based upon completion of the financial arrangements.

In a press release, Crosland Southeast said a consortium of local financial institutions, led by CapitalMark Bank and Trust of Oak Ridge, is considering substantial involvement in the financing of the redevelopment “due to the transformative nature of this project in the city core.”

“In addition to our bank, ORNL Federal Credit Union and others have held discussions together about providing lending support to the mall project,” said David Bradshaw, executive vice president of CapitalMark. “Although details have not been finalized and commitments have not yet been made, there is very strong interest among our local banks and credit unions to be engaged in this important long-term investment in the Oak Ridge community.” [Read more…]

PTA-PTO Council has City Council, school board candidate forums

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David Bradshaw

David Bradshaw

The Oak Ridge parent-teacher associations and parent-teacher organizations have scheduled two candidate forums, which will focus on questions related to education.

The Oak Ridge Board of Education candidate forum will be held on Wednesday, October 1. The City Council candidate forum will be held on Wednesday, October 8.

Both forums will be held at the Oak Ridge High School Amphitheater from 6 to 7:30 p.m. In each case, there will be a candidate meet and greet at 5:30 pm, and visitors will also have a chance to directly 
speak with candidates from 7:30 to 8 p.m., a press release said.

For more information, contact moderator David Bradshaw at [email protected].

Letter: Encourages candidate forum groups, objects to ‘harassment’

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While state and federal elections (at least here in Oak Ridge) are somewhat uninspiring this year, with many races either uncontested or practically so, our municipal election has drawn an unusually high number of candidates. That there are several open seats where incumbents chose not to run—two on City Council and two on the Board of Education—is probably the reason for the larger number of candidates.

Ten are running for four seats on City Council, while eight are competing for three seats on the Board of Education.

The League of Women Voters is doing its usual outstanding job of hosting candidate forums, but despite standing-room-only attendance at the first of those, it’s inevitable that not everyone was able to attend. Fortunately, several other interested groups have also scheduled candidate forums or meet-and-greet events: the Oak Ridge Schools’ PTA/PTO Council, the Chamber of Commerce, and Democracy for East Tennessee.

It’s important to get to know the people who seek to represent you, to hear their views on issues of interest, and to see how they respond to questions.

Unfortunately, one member of Council who is not up for election this year is seeking to eliminate some of these opportunities, based on the fact that they’re scheduled to be held on city property. The Chamber of Commerce is situated on land leased from the city, although they own the building. The PTA/PTO forums will be held at Oak Ridge High School, and have been promoted through the schools (as most PTA/PTO activities are). [Read more…]

Chamber forms Progress PAC, two Council members seek legal action

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Trina Baughn

Trina Baughn

Note: This story was updated at 10:30 a.m.

Two Oak Ridge City Council members have requested a special meeting this week to consider litigation against the Oak Ridge Chamber of Commerce, seeking to prevent the business organization from conducting political activities on public property, including through a new political action committee.

The special meeting, which would be open to the public, has been requested by Oak Ridge City Council members Trina Baughn and Anne Garcia Garland. Baughn said she requested the meeting to “vote upon initiating litigation against the Oak Ridge Chamber of Commerce so that the city may seek either injunctive relief and/or a temporary restraining order with regards to their conducting political activities on public property.”

Stephen Whitson

Stephen Whitson

On Friday, the Chamber announced it had formed a political action committee named the Progress PAC. The multi-candidate PAC will support candidates in the November elections for Oak Ridge Board of Education and City Council, a press release said.

Stephen Whitson of Oak Ridge has been elected Progress PAC chair, and David Bradshaw, also of Oak Ridge, has been named treasurer. Both are past chairs of the Chamber’s Board of Directors.

In the press release, Whitson said the Progress PAC will only consider supporting candidates who respond to an issue-based written questionnaire and participate in an interview with Progress PAC members. [Read more…]

ORHPA celebrates 15th anniversary at Scarboro Road gatehouse

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Bobbie Martin at Oak Ridge City Council

Bobbie Martin, one of the people who helped start the Oak Ridge Heritage and Preservation Association 15 years ago this month, accepts the keys to the Midtown Community Center, which includes the historic “Wildcat Den.” This was the culmination of close to two years of work that began with a newspaper article Bobbie wrote and the contact by Mick Wiest that brought the two of them and several others together in September 1999 and to ultimately to form ORHPA. (Submitted photos)

 

The Oak Ridge Heritage and Preservation Association will celebrate its 15th anniversary during a Thursday night meeting at the “Midway Gatehouse” on Scarboro Road. That’s the location of the group’s original meeting.

The anniversary meeting is scheduled from 6-8 p.m. Thursday, September 11. Parking is limited there. Organizers said those attending should consider parking at the nearby Y-12 Federal Credit Union and carpooling from there, or they could carpool with friends from the Midtown Community Center parking lot.

“Come by the Gatehouse anytime between 6 p.m. and 8 p.m. to enjoy refreshments, see displays, and view the historic building and its artifacts, as well as help celebrate 15 years as an organization,” a press release said.

Here is the story of how the ORHPA began: [Read more…]

Education Foundation names new director

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Jessica Steed

Jessica Steed

Jessica Steed was recently named executive director of the Oak Ridge Public Schools Education Foundation.

The Foundation’s board of directors chose Steed to replace Jenna Whitney, who resigned after her husband Mark, who was the manager of the Oak Ridge Office of Environmental Management for the U.S. Department of Energy, accepted a new job with DOE in Washington, D.C.

Steed, a certified public accountant since 2001, worked for more than six years in public accounting as an auditor and tax accountant before becoming a full-time parent and community volunteer for the last nine years.

Since Steed moved to Oak Ridge four years ago, she has served as a classroom volunteer, as treasurer for both Woodland Elementary and Jefferson Middle School PTOs, and as an active member of the PTO Council. The Foundation’s selection committee noted that Steed comes to the position with a strong financial and accounting background and with knowledge of issues that affect the Oak Ridge school system.

“Although I have thoroughly enjoyed volunteering in the school system, I am ready to move into a position that allows me to help support not only my own children’s schools, but the whole school system I have grown to appreciate,” Steed said in a press release. “My experience in public accounting and volunteer work in the schools will serve as a great foundation as I strive to support the mission of the ORPSEF.” [Read more…]

Guest column: B&W Y-12 improved Y-12, made a big difference in the community

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David Bradshaw

David Bradshaw

By David Bradshaw

It has been almost 14 years since B&W Y-12 LLC took over operation of the Y-12 National Security Complex in Oak Ridge.

Soon a new contractor will be in charge. Thanks to the work of the B&W Y-12 team and many others, they will inherit a very different and much improved facility.

One only needs to approach Y-12 to see the changes. The first thing you will see is the New Hope Center, built as a public-private partnership and located just outside the secure gates of Y-12 to make sure public access is easy. It has conference space, an outstanding auditorium, and a museum that highlights everything from Y-12’s critical role in the Manhattan Project, to the NASA “moon box” built by Y-12, to Y-12’s role in winning the Cold War. Y-12 had always been a secret place and this space built with the public in mind was a major change.

The modernization process is even more obvious inside the gate. Y-12 completed and opened the new Highly Enriched Uranium Materials Facility. It’s a state of the art building. The new Uranium Processing Facility will be just as impressive with design work well underway. Both facilities allow the U.S. Department of Energy to close down old buildings that date back to the Manhattan Project. With the HEUMF and UPF in place, Y-12 will be far more efficient with operations not only more secure, but centralized in one place instead of being spread out over several locations. [Read more…]