The Oak Ridge North City Council unanimously approved a $4.5 million loan from the city’s economic development corporation, which is funded by sales tax revenue, during a regular Oct. 11 meeting. The loan approved is to not exceed $4.5 million and includes closing costs.
The city had been discussing projects to be included in its master capital project plan, such as a new public works building, since last summer. The plan will include water, sewage, drainage, street, sidewalk and park projects, according to the City Council.
As previously reported by Community Impact Newspaper, the loan will include funding for a new city public works facility, which will cost approximately $2 million-$2.5 million, according to city officials.
In addition, the plan is expected to include funding to update Teddy Bear Park, located at 27207 Robinson Road, Oak Ridge North, officials said. The updates will include new play structures, benches, picnic tables, swings and an LED sign. The park updates will cost roughly $200,000, according to documents provided by the city manager.
Funding obtained for the master capital plan will fund projects for the next three to five years, according to the council. A definite project list has not yet been created by the council. According to the city manager, a definite list of projects may be decided in the next month.
The EDC is a nonprofit citizen volunteer group funded by a $0.005 dedicated sales tax, according to the organization's website. Its goal includes attracting and promoting business to the city.