Oak Ridge Today

IDB to consider financing-related resolution for Main Street Oak Ridge on Monday

Posted at
By 7 Comments

Oak Ridge Mall

The Oak Ridge Industrial Development Board will consider a financing-related resolution for Main Street Oak Ridge during a special meeting on Monday. Main Street Oak Ridge would redevelop the former Oak Ridge Mall, the L-shaped structure pictured at center above. (Photo by John Huotari/Oak Ridge Today)

 

The Oak Ridge Industrial Development Board will consider a financing-related resolution for Main Street Oak Ridge during a special meeting on Monday.

The resolution would approve documentation related to the tax increment financing, or TIF, for Main Street Oak Ridge. The $13 million, 30-year TIF agreement would use new property tax revenues generated within the economic impact area to assist in the redevelopment.

The special IDB meeting starts at 4 p.m. Monday, August 24, in the Oak Ridge Municipal Building Training Room. [Read more…]

Crete Carrier named Industry of Year in Roane, Sound Aviation gets Beautification Award

Posted at
By Leave a Comment

Roane IDB Industry of the Year Crete Carrier

Crete Carrier Award: Pictured above are Wade Creswell, left, of The Roane Alliance, James Owens of JR Global Manufacturing, and Jeff Hazlewood of Crete Carrier. (Photo courtesy Roane Alliance)

 

The Roane County Industrial Development Board has named Crete Carrier Corporation as Industry of the Year and presented a Beautification Award to Sound Aviation.

The IDB recognizes an industry each year for providing outstanding leadership in Roane County, a press release said.

“In addition, the Roane Beautification Award is given annually to an industry that demonstrates a strong sense of community pride and a standard of excellence through the presentation of their facilities on a consistent basis,” the release said. [Read more…]

Companies contributing $500K to Main Street Oak Ridge wanted to help

Posted at
By 3 Comments

Ray Evans

Ray Evans

Note: This story was last updated at 7 p.m.

The six companies contributing $500,000 for public infrastructure at Main Street Oak Ridge approached the city and volunteered to help, a consultant said Friday.

The companies are Methodist Medical Center; Oak Ridge Associated Universities; UCOR, a federal cleanup contractor; Restoration Services Inc., a cleanup contractor; Consolidated Nuclear Security, which manages and operates Y-12 National Security Complex; and UT-Battelle, which operates and manages Oak Ridge National Laboratory.

The companies understand how important the project is to the city and to them, said Ray Evans, retail consultant for the City of Oak Ridge.

“They approached us and said, ‘How can we help?'” Evans said. “They just want to ensure the success of this project.” [Read more…]

Six employers pledge $500,000 for Main Street Oak Ridge infrastructure

Posted at
By 4 Comments

Warren Gooch

Warren Gooch

Six Oak Ridge employers have pledged $500,000 to support public infrastructure at Main Street Oak Ridge, the $80 million redevelopment of the former Oak Ridge Mall.

Officials said it shows unprecedented community support for the project.

The six companies are Methodist Medical Center; Oak Ridge Associated Universities; UCOR, a federal cleanup contractor; Restoration Services Inc., a cleanup contractor; Consolidated Nuclear Security, which manages and operates Y-12 National Security Complex; and UT-Battelle, which operates and manages Oak Ridge National Laboratory.

“All Oak Ridgers realize the successful development of the Main Street town center project is of critical importance not only to the citizens of the City of Oak Ridge and the business community but to the region in general,” Oak Ridge Mayor Warren Gooch said. “We appreciate these great corporate citizens stepping up the plate to help make Main Street Oak Ridge a reality.”

Tim Sittema

Tim Sittema

Project executives said critical final decisions are being made on the ramp-up to the project.

The relocation and reconstruction of public infrastructure such as Wilson Street and the two Main Streets are key elements of the project and the Oak Ridge City Council and the Industrial Development Board have pledged $1.5 million toward these improvements. According to the city’s consultants, costs will exceed this amount, so the corporate pledges are a welcomed addition to the development’s financial backing, a press release said.

[Read more…]

IDB meets Feb. 2

Posted at
By Leave a Comment

The Oak Ridge Industrial Development Board will meet at 4 p.m. Monday, February 2, in the Municipal Building Training Room.

See the agenda here: IDB Agenda for February 2, 2015.

Guest column: Serving the city helps achieve community goals

Posted at
By Leave a Comment

Mark Watson

Mark Watson

By Mark S. Watson, Oak Ridge City Manager

The City of Oak Ridge is one that prides itself on the interest, knowledge, and involvement of its citizens in local government. Oak Ridgers are always willing to add a different perspective, technical information, and just darn good opinions on topics that affect them.

On January 12, 2015, the Oak Ridge City Council will appoint citizen volunteers to fill vacancies on boards and commissions that have occurred due to term expiration and attrition from the board membership.

Applications must be received in the City Clerk’s office by 5 p.m. on Wednesday, December 31.

Over the past years, the City Council has found it sometimes challenging to fill the vacancies of its various boards. People are busy, and getting busier! Some feel that many governmental matters require special knowledge. Others have not thought of providing their talents to shape their community. [Read more…]

IDB, Council to consider longer tax agreement, road improvements for mall project

Posted at
By Leave a Comment

Main Street Oak Ridge Site Plan without Tenants

A Main Street Oak Ridge site plan from Tuesday, without tenants shown. (Submitted image)

 

Oak Ridge Village Area Rendering

In two special meetings today, local officials will consider adding another 10 years to a tax incentive agreement for the long-awaited redevelopment of the Oak Ridge mall, and they will also consider authorizing improvements to public infrastructure, including the rebuilding of three private roads: Main Street East, Main Street West, and Wilson Street.

The tax incentive is known as tax increment financing, or TIF. It would use new property tax revenues generated at the mall site, which will be renamed Main Street Oak Ridge, to help pay for development costs.

A 20-year, $13 million TIF and economic impact plan were approved by the Oak Ridge Industrial Development Board, City Council, and Anderson County Commission in November, and by Tennessee officials in January.

But the IDB and City Council will now consider extending the TIF term to 30 years. The extension would also have to be approved by the Anderson County Commission and Tennessee officials. [Read more…]

IDB has special meeting on Oak Ridge mall on Monday

Posted at
By Leave a Comment

Oak Ridge Village Area Rendering

 

Mark Watson

Mark Watson

A city board on Monday will consider extending the tax agreement for the redevelopment of the Oak Ridge mall from 20 years to 30.

The Oak Ridge Industrial Development Board will consider the change to the tax increment financing, or TIF, agreement during a special meeting Monday afternoon.

It’s one of a series of resolutions expected to be considered by the IDB and Oak Ridge City Council during special-called meetings on Monday, September 29. [Read more…]

Oak Ridge mall to have new name, banks considering financing

Posted at
By 1 Comment

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…]

State comptroller approves $13 million agreement for Oak Ridge Mall

Posted at
By 2 Comments

Oak Ridge Mall

The Tennessee Comptroller has approved the use of a $13 million tax financing agreement that could be used for the $85 million redevelopment of the Oak Ridge Mall. The L-shaped mall is pictured at center above.

The Tennessee Comptroller has approved a $13 million tax financing agreement that could be used for the $85 million redevelopment of the Oak Ridge Mall.

The approval was announced in a Wednesday letter from Tennessee Comptroller Justin P. Wilson to Nashville law firm Bradley, Arant, Boult, and Cummings, which is working with Crosland Southeast, the North Carolina company that wants to redevelop the mostly empty mall.

The 20-year tax increment financing, or TIF, agreement, would use new property tax revenues generated at the 59-acre site to help pay for development costs, possibly including tearing down the existing space between the two remaining anchor stores, JCPenney and Belk, as well as for replacing aging infrastructure and building new roads. [Read more…]

Anderson Commission unanimously approves Oak Ridge Mall TIF, project goes to state

Posted at
By Leave a Comment

Oak Ridge Mall Concept Plan Featured

The Anderson County Commission on Monday unanimously approved a $13 million tax financing agreement that could be used to help the $85 million redevelopment of the mostly empty Oak Ridge Mall.

CLINTON—The Anderson County Commission on Monday unanimously approved a $13 million tax financing agreement that could be used to help the $85 million redevelopment of the mostly empty Oak Ridge Mall.

The vote was 15-0. Anderson County Commissioner Mark Alderson was absent.

“I am extremely optimistic about this,” said Anderson County Commission Vice Chair Robin Biloski, an Oak Ridge resident.

It’s the fifth unanimous or near-unanimous vote on the project in less than a month. The tax increment financing, or TIF, had also been approved with no opposition, but with one abstention, by the Oak Ridge City Council, and it had also been endorsed with no opposition by the Oak Ridge Industrial Development Board and Anderson County budget and operations committees. [Read more…]

Letter: Mall nullification proposal would make TIF loan impossible to finance

Posted at
By Leave a Comment

Oak Ridge Mall TIF Public Hearing

James Murphy, center, is a Nashville attorney representing Oak Ridge Mall redeveloper Crosland Southeast. Also pictured during a recent public hearing are Ray Evans, right, Oak Ridge economic development consultant; and Tim Sittema, a Crosland Southeast partner.

Note: This Nov. 14 e-mail from an attorney representing mall redeveloper Crosland Southeast was written in response to a nullification proposal submitted by Oak Ridge City Council member Trina Baughn to Anderson County officials.

I represent Crosland in connection with the proposed Economic Impact Plan for the Redevelopment of the Oak Ridge Mall Economic Development Area (the “Economic Impact Plan”). The Economic Impact Plan has been approved by the Industrial Development Board of the City of Oak Ridge (the “IDB”) and the City Council for the City of Oak Ridge, and it is on the agenda for the Nov. 18 meeting of the Board of Commissioners of Anderson County. I would like to respond to Ms. Baughn’s suggestion that the tax increment financing (“TIF”) funding for the redevelopment of the Oak Ridge Mall be nullified if at least 65 percent of the planned new retail square footage is not completed by December 2018.

As has been explained by Ray Evans in the meetings of the Anderson County Operations Committee and the Budget Committee, the proposed redevelopment of the Oak Ridge Mall requires a public-private partnership. After carefully reviewing the project’s pro forma, the city officials who have been involved in negotiating the incentives with Crosland were convinced that there was a funding gap of $13 million that could be bridged by the use of the TIF funding. Without that $13 million in TIF funding, the project would not go forward. [Read more…]