The city has estimated about a $100,000 revenue loss per month for each month that the next phase of the Main Street Oak Ridge project is delayed.
Oak Ridge City Manager Mark Watson provided the rough estimate of probable sales tax revenues per month, based on “quick calculations,” to the Oak Ridge Industrial Development Board on Monday and League of Women Voters of Oak Ridge on Tuesday.
The project was delayed in January when the Oak Ridge City Council voted 4-3 in its second and final vote to reject a revised plan that had been drafted as the developer, RealtyLink, prepared to welcome a second wave of tenants to the 58-acre site.
It hasn’t been clear since then what might happen next or whether there will still be a second phase.
But on Monday, Watson said he has talked to RealtyLink, and on Tuesday, he said, “I think we will see a re-submittal.” [Read more…]