Our network

Oak Ridge city council approves loan for mall redevelopment | News

Title (Max 100 Characters)

Oak Ridge city council approves loan for mall redevelopment
News


(WBIR) The Oak Ridge City Council made a move Monday night toward financing the redevelopment of the Oak Ridge Mall.

The city voted 6 to 1 to approve a $13 million loan using tax increment financing, or TIFs, to pay it off. It will rely on property tax increases over the next 20 to 30 years to pay off that loan. The city hopes to pay it off in 18 years.

The proposed plan would add several national stores, a 150-family residential block and a hotel to the area.

Oak Ridge Mayor Tom Beehen said this is a great move for the city.

"It's going to bring tax dollars here. It's a reason for people to want to live here. It's the type of project that you wait, you serve as an elected official for a long time and this one makes it all worthwhile," Mayor Tom Beehan said.

The development company in charge hopes to begin demolition early next year and to finish the project in the fall of 2016.


News

Oak Ridge - Anderson Businesses