Oak Ridge Today

Shutdown: ORNL FCU offers furlough loans to members who are federal employees

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ORNL Federal Credit Union has created a loan program to help members who are federal employees and not receiving a paycheck due to the partial shutdown of the federal government.

The Furlough Assistance Loan Program offers affected members the opportunity to apply for an unsecured loan at 0 percent interest for the first six months and 3 percent interest for the rest of the term, a press release said.

“The special rate is available to ORNL FCU members who meet specific qualifications, including very limited underwriting requirements,” the press release said. “It offers a maximum term of 48 months, members can take up to 90 days to make their first payment, and the limit is based on the furloughed employee’s income.” [Read more…]

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

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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…]

DOE asks for more information on $2 million CROET grant

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The U.S. Department of Energy has requested additional information as it tries to close out a $2 million grant awarded 16 years ago to a nonprofit organization that owns, develops, and manages former DOE property.

The grant was issued in 1997 as part of a larger grant that the Community Reuse Organization of East Tennessee requested from DOE, said Lawrence Young, CROET president and chief executive officer. Most of the money was used for a high-risk loan program for small businesses. The purpose was to create jobs and promote economic development in East Tennessee, said Mike Koentop, spokesman for the DOE Oak Ridge Office. [Read more…]

Guest column: Researches EPA sewer order, says more work needed

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Last month, Oak Ridgers were hit with a water/sewer rate increase for the second time in nine months to pay for $15 million worth of debt that you were told (incorrectly) was issued to cover a U.S. Environmental Protection Agency mandate. On Monday night, City Council is preparing to approve another $18 million in debt for the same cause, which will result in subsequent rate increases.

A statement I received this weekend from one resident sums up the frustrations that so many of you have been sharing with me: “Utility rates (water, sewer, electrical, trash pickup, etc.) keep going up; the city and county property ‘double’ taxation is simply too much. It so happens that our group of friends and us discuss the idea of moving to other less costly vicinities nearby more often than before. We would strongly suggest that our city government start budgeting our expenditures with the money we have.”

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