City of Oak Ridge Industrial Development Board Meeting Agenda Packet May 2026
Board approves PILOT structure for Bluff Apartments
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Description
The Industrial Development Board of the City of Oak Ridge approved moving forward with a PILOT transaction for The Bluff Apartments project with Olympus Development Partners, LLC. Legal counsel was authorized to prepare a lease and related documents providing property tax abatement consistent with City policies and recommended terms.
Contract Details
Vendor
OLYMPUS DEVELOPMENT PARTNERS LLC
Agency
Oak Ridge Housing Authority, TN
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
PILOT term referenced as 10 year/30% structure in example estimate, to be finalized in Lease
Renewal Info
PILOT term anticipated as a 10‑year, 30% abatement structure per example estimate; final renewal or extension provisions will be defined in the executed Lease.
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industrial_development_board_regular_meeting_agend.pdf
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