Industrial Development Board Meeting Agenda May 2026
Board Approves PILOT Structure For Bluff Apartments
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Description
The Industrial Development Board approved proceeding with a PILOT lease transaction with Olympus Development Partners, LLC for The Bluff Apartments project, authorizing counsel to draft a lease providing payments in lieu of taxes consistent with City-recommended terms. Example calculations reference a 10-year, 30% abatement and associated application and closing fees.
Contract Details
Vendor
OLYMPUS DEVELOPMENT PARTNERS LLC
Agency
City of Oak Ridge, TN
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
PILOT term referenced as 10 years with 30% abatement in example tax savings schedule; lease term and construction period to be set in final documents
Renewal Info
PILOT structure contemplated as a fixed 10-year term with 30% tax abatement; construction period and detailed lease terms to be finalized in the forthcoming lease agreement.
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