Voters in Tennessee have denied a proposal to use city funding to finance the development of a big box retail development. Many in the city say they have missed an opportunity to spur economic development in the small town.
"The referendum asked voters if they approved the city issuing up to $6 million in general obligation bonds to help with venue development at the Crestpointe site atop Pine Ridge in Oak Ridge, Tenn."
"The developer said the SuperTarget would attract another 250,000 square feet of retail establishments at the Pine Ridge site."
"'Obviously, we felt like this would have been a real jump-start for retail development in Oak Ridge,' Project supporter Bob Smallridge said Tuesday night."
"While development of the Pine Ridge site may be off the table now, Smallridge said his group will continue to look at ways to spark retail growth in Oak Ridge."