With most of the city's extraterritorial jurisdiction either annexed or under development, Oak Ridge North's biggest challenge this year could be citywide redevelopment.
City Manager Vicky Rudy and Economic Development Coordinator Susan Cates said the city has budgeted $50,000 for a consultant to consider the feasibility of a Tax Increment Reinvestment Zone, a funding mechanism that could help the city provide infrastructure in re-developing areas east of Hanna Road. The consultant will present a proposal to the Economic Development Committee and to city council in January for possible approval.
Oak Ridge North is being approached by developers on a weekly basis regarding possible redevelopment plans, Rudy and Cates said.
"We want to be creative, think outside the box and find some different approaches to it that are beneficial to the property owners, to the city and to the businesses," Rudy said.
