industrial_development_board_regular_meeting_agend.pdf
Affordable Housing Project in Oak Ridge Receives IDB Approval
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Description
Industrial Development Board of Oak Ridge has approved a lease agreement with HP-256005 Oak Ridge, LLC for a 378-unit multifamily housing facility. The project, located on Mitchell Road, involves capital expenditures of at least $66 million and includes a 10-year payment in lieu of tax (PILOT) program to encourage affordable housing in the community.
Contract Details
Contract Amount
$66,000,000.00
Vendor
HP 256005 OAK RIDGE
Agency
Oak Ridge Housing Authority, TN
Contract Type
Lease Agreement
Document Date
November 3, 2025
Contract Term
10 years
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