Oak Ridge Today

Protomet could use tax break to double plant size, add workers

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A tax break recommended by an Oak Ridge board on Monday could help a parts manufacturer more than double the size of its plant and add 20-30 workers, an executive said.

The Oak Ridge Industrial Development Board endorsed the five-year, 100 percent property tax break for Protomet—which makes marine, automotive, and homeland security equipment—in a special meeting Monday.

But Oak Ridge City Council member Anne Garcia Garland suggested there could be some opposition later. She said residents want to know why Protomet, which has become successful with the help of one tax abatement, should receive another. [Read more…]

City board recommends tax break for Alexander Inn project

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Note: This story was updated at 11:16 p.m.

An Oak Ridge board has endorsed a 90 percent, 10-year tax break for a project to convert the vacant, run-down Alexander Inn into an assisted living center.

The Oak Ridge Industrial Development Board recommended the tax break, officially known as a payment-in-lieu-of-taxes agreement, in a 6-0 vote during a special meeting Thursday. It will now be considered by Oak Ridge City Council on Oct. 22.

Even with the temporary tax break, Oak Ridge and Anderson County will continue to receive at least as much in property taxes as they do now, said Ray Evans, an economic development consultant for the city.

The project to redevelop the two-story hotel on three acres in Jackson Square has been proposed by Family Pride Corp. of Loudon and InSite Development Corp. of Knoxville.

Construction of the $4.5 million, 60-unit assisted living center could take roughly a year.

The payment-in-lieu-of-taxes agreement, or PILOT, could help with public improvements that include a new road for cars that now drive through the Alexander Inn property, relocation of a storm sewer under the building, environmental remediation, building stabilization, and code compliance. Family Pride has said the project is not economically feasible without the tax break.

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Loudon company wants to use Alexander Inn as assisted living center

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A Loudon company has proposed converting the historic but run-down Alexander Inn in Oak Ridge into a $6 million, 60-unit assisted living senior center.

Family Pride Corp. has requested a 90 percent, 10-year tax property tax break on the three-acre site. Oak Ridge Industrial Development Board members will be briefed on the proposal Monday and consider recommending it to City Council during a special Oct. 11 meeting.

Family Pride would work with InSite Development Corp. of Knoxville to redevelop the two-story hotel, which was built during World War II as part of the top-secret Manhattan Project.

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