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Mall project clears critical hurdle Monday

Posted at 3:03 pm September 30, 2014
By John Huotari 13 Comments

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…]

Filed Under: Business, Government, Government, Oak Ridge, Oak Ridge, Slider, Top Stories Tagged With: Anderson County Commission, Anne Garcia Garland, Belk, Buzz Patrick, Charlie Hensley, Chris Johnson, Crosland Southeast, Dave Mason, David Bradshaw, David Wilson, Economic Development Administration, EDA, grant, Harold Trapp, infrastructure improvements, JCPenney, leases, leasing, Lou Dunlap, Main Street—Oak Ridge, Mark Mamantov, Mark Watson, Oak Ridge City Council, Oak Ridge Industrial Development Board, Oak Ridge Mall, ORNL Federal Credit Union, property tax, public infrastructure, retail, retail space, Richard Chinn, roadway work, tax increment financing, TIF, TIF extension, Tim Sittema, Tom Beehan, Trina Baughn

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