Oak Ridge Today

Letter: Chamber board lists spending priorities

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Note: This is a copy of a June 8 letter from the Oak Ridge Chamber of Commerce and its Board of Directors to Mayor Warren Gooch and members of City Council, and Chairman Keys Fillauer and the Board of Education.

Mayor Gooch and Chairman Fillauer:

The Oak Ridge Chamber of Commerce Board of Directors voted, following the recommendation of our Advocacy Committee, to request the following be given serious consideration as discussions and voting occurs for your respective Fiscal Year 2016 budgets.

Spending Priorities:

  • Development and funding of a prioritized capital improvement plan for infrastructure improvements such as city/school buildings, streets, utilities, etc.
  • Pay increase for Oak Ridge Schools teachers and staff and City of Oak Ridge staff.
  • Waterfront improvements.

While we understand that the city is faced with adjusting the tax rate to reconcile with lower property appraisals, we do feel strongly that the city needs to prioritize spending around these three areas in order to position Oak Ridge as a community of choice for new and expanding businesses and residents.

Sincerely,

Melinda Hillman

Chairman of the Board

 

Parker Hardy

President/CEO

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…]

State approves city’s application for $18 million in low-interest loans for sewer repairs

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In February, the Oak Ridge City Council approved the borrowing of $18 million in low-interest state loans to help pay for a $23 million project to fix the municipal sewer system.

On Wednesday, Tennessee officials announced that the loans had been approved. [Read more…]