Note: This story was updated at 10:02 a.m.
County’s part of agreementÂ does not change
The Oak Ridge City Council hasÂ agreed to add another 10 years to the agreement that will be used to help redevelop the former Oak Ridge Mall, and during its regular meeting in October, the Anderson County Commission concurred with the change.
There were no objections, and the Commission’s concurrence with the city’s 10-year extension of the tax increment financing, or TIF, passed 15-0. The city’s portion of the TIF has been extended from 20 years to 30, and the county’s remains unchanged at 20.
The city’s TIF extension had also been approved by the Oak Ridge Industrial Development Board, and the County Commission concurred with that change as well.
Ray Evans, retail consultant for the City of Oak Ridge, told commissioners that Crosland Southeast, the North Carolina firm that has proposed the redevelopment, could close on the property at the end of the year. Demolition could start in the first quarter of 2015, and retailers could have space in the redeveloped 59-acre site by mid-2016, Evans said.
“We think we’re very close to getting across the finish line,” Evans said. [Read more…]