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.
