Oak Ridge North City Council approved a Chapter 380 agreement with Transco Ready Mix on June 10 to move its headquarters to the city's Commerce Park.

What you need to know

Transco Ready Mix is a concrete supply company that specializes in commercial and residential concrete work. The agreement will allow Transco to build its headquarters at the Oak Ridge North Commerce Park.

Chapter 380 agreements are a method by which municipalities can provide tax rebates to a company in exchange for developing the business within the city limits. The agreement with Transco outlines a five-year time period in which a percentage of sales tax collected will be returned to the company in full for the first year and partially over the next four years.

“They're moving all of their headquarters offices,” City Manager Heather Neeley said. “All the sales tax would be [in the city], but they will still have their production facilities elsewhere.”

The official timeline for the move is set to start in the fall.

What else?

The board also certified the canvassed election results from May 4, followed by a swearing-in ceremony for re-elected members, including Mayor Paul Bond, and council members Alex Jones and Rick Moffatt.