economic development area Archives

A meeting to consider a tax financing agreement for the redevelopment of the Oak Ridge Mall has been postponed. The L-shaped mall is pictured at center above.

The meeting to consider a tax incentive that could be used to help redevelop the Oak Ridge Mall has been postponed in order to allow a city board to update its policy to reflect current state law, a city consultant said Friday.

The meeting, which had been scheduled for Sept. 26, could be rescheduled two to three weeks later, economic development consultant Ray Evans said.

He said the Oak Ridge Industrial Development Board has a tax increment financing, or TIF, policy that was initially enacted in 2008 and last updated in 2011. [Read more…]

The Oak Ridge Mall economic development area is pictured above. The map shows a contiguous area that could be affected economically by the proposed development, which only includes the former 60-acre mall property, according to a city consultant. (Image courtesy City of Oak Ridge)

A city board this month will consider a financing arrangement that could be worth up to $10 million and allow a North Carolina company to use new property tax revenues generated at a redeveloped Oak Ridge Mall to be used for site development, possibly including for roads, stoplights, and demolition work.

Many of the details aren’t available yet, including the precise amount of the proposed tax increment financing, or TIF, agreement and the length of time it could be in effect. The details will be discussed at a Sept. 26 meeting of the Oak Ridge Industrial Development Board, when members will consider an economic impact plan, city consultant Ray Evans said.

The economic development area could include about 90 acres. It would include the 60-acre mall and could include an apartment complex and museum, movie theater and pizza shop, real estate firm and hotel, and several busy stores on Oak Ridge Turnpike—properties that could benefit from the TIF, Evans said.

[Read more…]

Tax financing meeting for Oak Ridge Mall postponed

City board will consider tax incentive, development area for Oak Ridge Mall