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City outlines $2M land sale and mixed-use Wilson Street plan; developer seeks nonbinding MOU
Summary
City staff outlined a requested nonbinding MOU for the Wilson Street project: a $2 million land-bank sale in three tranches, phased mixed-use development (housing, food hall, research/housing tie to UT Battelle), relocation of utilities, use of a $500,000 Coffey family fund for a park, and conservative private investment estimates of at least $60 million.
City staff briefed the Oak Ridge City Council on a proposed nonbinding memorandum of understanding (MOU) for the Wilson Street project, a multi-phased mixed-use development the developer presented to the city.
The MOU the developer requested would document general terms (nonbinding) around development phases, utilities relocation, parking, public-park elements and proposed city contributions. Staff said the land sale to the developer would total $2,000,000 to the land bank,…
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