The four new stores at Main Street Oak Ridge could create 150 jobs and generate more than $600,000 in sales and property tax revenues for Oak Ridge and Anderson County, according to calculations by the city’s economic development consultant.
The estimated new revenues could include $572,096 in sales tax revenues and $116,965 in property tax revenues for Oak Ridge and Anderson County, according to the calculations. The portion of new sales tax revenues for just Oak Ridge could total $385,158, according to the calculations.
The four new stores are part of a revised plan for Main Street Oak Ridge, the 58-acre redevelopment of the former Oak Ridge Mall.
A new version of that plan is scheduled to be considered by the Oak Ridge Municipal Planning Commission on Thursday. The economic benefit calculations for the new stores are included in the agenda for Thursday’s meeting.
Here is the specific breakdown of the economic benefits of the four new stores, which could total 75,000 square feet, according to the calculations:[Read more…]