On the agenda: Oak Ridge meeting — data center (Jul 6)

Industrial Development Board of the City of Oak Ridge
City of Oak Ridge Municipal Building – Courtroom

REGULAR MEETING
Monday, July 6 2026 @ 4:00 P.M.
The meeting will be open to the public in accordance with Tennessee Open Meetings Act requirements. In accordance with the IDB
Rules and Procedures, any person who wishes to comment on an agenda item must indicate so on the sign in sheet available prior to
the meeting. Individuals will have up to three (3) minutes to address the Board. Public comment on any agenda item is limited to a
total of twenty minutes. A copy of the Rules and Procedures may be requested by email to [email protected].

REGULAR MEETING AGENDA
I.

Call to Order

David Wilson

II.

Roll Call

Samantha Royster

III.

Approval of Order of Agenda

David Wilson

IV.

Approval of Minutes
May 4, 2026 Regular Meeting

David Wilson

V.

Officers’ Reports
a. Chairman

David Wilson

b. Vice-Chairman

Sasha Little

c. Secretary/Treasurer

Timothy Stallings

Financial Statements- April 2026 and May 2026
VI.

Executive Assistant’s Report
May and June 2026

Samantha Royster

VII.

Attorney’s Report

Tammy Rackard

VIII.

Committee Reports
a. Finance and Audit Committee

Timothy Stallings

1. Executive Assistant Contract- Midyear Evaluation
2. FY2027 Budget
b. Land Use Committee

Peter Newby

c. Special Projects/Policies & Procedures Committee

Ryan Overton

IX.

Prospect Activity Report

Randy Hemann
Mike Magill
Tamara Fleischhaker
Ray Evans

X.

Unfinished Business

David Wilson

XI.

New Business
a. An Item to Amend the Purchase and Sale Agreement for
Project Reindeer- Extend Due Diligence “Approval Period”
Page 1 of 2

David Wilson

b. Resolution Authorizing an Amendment to the Application
and Acceptance of a Nuclear Energy Program Economic
Development Grant on Behalf of BWXT Enrichment Operations,
LLC

David Wilson

c. An Item Approving the Chairman Sign a Letter to the City of
Oak Ridge Electric Director Supporting the 2026 Appalachian
Regional Commission POWER Program Grant Application

David Wilson

XII.

Appearance of Citizens (Non-agenda items)

David Wilson

XIII.

Announcements

David Wilson

XIV.

Adjournment

David Wilson

Next Regularly Scheduled Meeting is Monday, August 1, 2026

Page 2 of 2

MINUTES OF
THE INDUSTRIAL DEVELOPMENT BOARD
OF THE CITY OF OAK RIDGE
May 4, 2026
A regular meeting of the Industrial Development Board of the City of Oak Ridge, Tennessee, was convened
at 4:00 p.m. on May 4, 2026, in the Courtroom of the Municipal Building, 200 S. Tulane Avenue. David
Wilson, Chairman, declared a quorum was present and called the meeting to order.
ROLL CALL
The following members were present: David Wilson, Harold Trapp, Ryan Overton, Sasha Little, Richard
Chinn, Timothy Stallings, Adam Vann, and Michael Russell
The following members were absent: Peter Newby
Also present were: Tom Pessemier, City of Oak Ridge; Randy Hemann, City of Oak Ridge; Tammy
Rackard, City of Oak Ridge; Ray Evans, City of Oak Ridge; David Headrick, Surveying and Mapping, LLC.;
Tyler Watson, Olympus Development; Doug Colclasure, Oak Ridge Citizen; Samantha Royster, IDB
Executive Assistant
APPROVAL OF ORDER OF AGENDA
Mr. Trapp made a motion to approve the order of the agenda as presented. Mr. Vann seconded the motion.
The motion carried unanimously.
APPROVAL OF THE MINUTES
Mr. Trapp made a motion to approve the minutes of the regular meeting held April 6, 2026 as presented.
Mr. Vann seconded the motion. The motion carried unanimously.
OFFICERS’ REPORTS
a. Chairman
Mr. Wilson reported to the Board that since the last meeting, the IDB closed on the sale of property
in Heritage Center to R-50, LLC, and we received funds totaling $823,500.00.
b. Vice-Chairman – No Report
c. Secretary/Treasurer – No Report
ATTORNEY’S REPORT
No report
EXECUTIVE ASSISTANT’S REPORT
Ms. Royster included a written report with the May board packet detailing the management support
services she provided to and on behalf of the IDB during April 2026. The report was accepted.
COMMITTEE REPORTS
a. Finance and Audit Committee
Mr. Stallings reported that the Committee met prior to today’s board meeting to discuss two items
resulting in the following recommendations:
1. Recommendation to approve an Audit contract for FY2026. Mr. Trapp made a motion to
approve the Chairman sign the Engagement Letter and Professional Services Agreement with
Page 1 of 3

Dale Isabell, CPA for FY2026 Audit Services at a cost of $7,000.00. Ms. Little seconded the
motion. The motion carried unanimously. (See EXHIBIT A)
2. Mr. Stallings stated that after reviewing investment rates, the committee recommends leaving
funds in the money market account at present, and they will revisit investment options again in
the near future. No action taken.
b. Land Use Committee – No Report
c. Special Projects/Policies & Procedures Committee – No Report
PROSPECT ACTIVITY REPORT
Mr. Magill stated that he is still working with DOE on several items, the most important being to secure
additional property. He stated that the largest, public-owned, commercial property is the 30-acre parcel in
Horizon Center, and all other available parcels are privately owned. DOE has stated publicly that they have
plans for at least part of the reservation, and he is working to find out exactly what those plans are. Mr.
Magill said that he is aware of DOE’s desire for a data center to support the work at ORNL. He also said
that the President has announced a $40B investment in next generation SMRs in Tennessee and Alabama.
Mr. Magill also said that he is also working with 4 smaller companies to find real estate for new construction
and expansion plans.
Mr. Evans informed the Board that the City met with Neil Wilson with RealtyLink, and he is optimistic that
there will be some encouraging activity at Main Street within the next 6 months. RealtyLink has stated they
plan to refocus their attention on that Development.
UNFINISHED BUSINESS
None
NEW BUSINESS
a. Mr. Wilson asked the Board to review the documents in their packet related to a PILOT application
from the Developer of the Bluff Apartments, a proposed $70M complex on 23-acres off Centennial
Bluff Blvd with 336-units plus amenities. Per the new PILOT Policy, the multi-family housing project
qualifies for a 5-year, 30% abatement. However, the Developer requested a term of 10 years. The
City Manager has recommended the 10-year, 30% PILOT, and City Council approved a Resolution
on 4/13/2026 recommending the IDB approve the PILOT request.
Mr. Wilson welcomed Tyler Watson with Olympus Development Partners, LLC., who gave a
slideshow presentation on the project and took questions from the Board.
Mr. Stallings made a motion to approve the Resolution Relating to a Payment in Lieu of Tax
Transaction Between The Industrial Development Board of the City of Oak Ridge and Olympus
Development Partners, LLC. Mr. Trapp seconded the motion. The motion carried unanimously.
(See EXHIBIT B)
b. Ms. Royster provided the Board a Summary of the Annual PILOT Incentive Reports for 2025 for
their review. (See EXHIBIT C)
c. Mr. Wilson explained to the Board that we have been made aware that a release or abandonment
of a joint easement agreement between the IDB and the former property owner of Area 7a,
Kinectrics, is needed to facilitate the Area 7 Project and the project of the new property owner of
Area 7a, TRISO-X. The easement is no longer needed and is in conflict with the current IDB and
TRISO-X projects.
Mr. Trapp made a motion to allow the Chairman to sign a release or abandonment of the Joint
Easement Agreement between the IDB and Kinectrics AES, Inc., dated July 26, 2023. Mr. Stallings
seconded the motion. The motion carried unanimously.

Page 2 of 3

APPEARANCE OF CITIZENS (Non-Agenda Items)
Doug Colclasure, 103 Monticello Road, provided pictures to the Board of property in Heritage Center that
has been designated for the OKLO project. Mr. Colclasure stated that the public trees were clear-cut in
February by a company out of Cleveland, TN. He stated that it appears the company cut and sold some
of the trees. Since OKLO is being afforded several incentives to locate in Oak Ridge, he believes the City
should be somewhat compensated for the sale of the timber. He suggested the Board look into the matter.
ANNOUNCEMENTS
None
ADJOURN
The meeting adjourned 4:29 P.M.
APPROVED BY THE INDUSTRIAL DEVELOPMENT BOARD
July 6, 2026

____________________________________________
Timothy Stallings, Secretary/Treasurer

Page 3 of 3

EXHIBIT A- ORIDB Minutes May 4, 2026

PROFESSIONAL SERVICES AGREEMENT
FOR AUDIT SERVICES
This Professional Services Agreement is entered into this the 4th day of May, 2026 by
and between The Industrial Development Board of the City of Oak Ridge, Tennessee,
hereinafter referred to as the “IDB”, and Dale C. Isabell, Certified Public Accountant, 253
Short Street, Clinton, TN 37716, hereinafter referred to as the “CPA”.
WHEREAS, the IDB desires to engage a CPA to provide audit services to the IDB; and
WHEREAS, the CPA is willing to provide such services on behalf of IDB under the terms
and conditions set forth below.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter set forth, the parties do hereby agree as follows:
1.

ENGAGEMENT OF THE CERTIFIED PUBLIC ACCOUNTANT
The IDB hereby engages the CPA to perform the services hereinafter set forth, and the
CPA hereby accepts such engagement.

2.

SCOPE OF SERVICES
The IDB desires to engage the CPA to provide audit services. The CPA shall audit the
financial statements of the governmental activities, and each major fund, and the
aggregate remaining fund information, including the related notes to the financial
statements, which collectively comprise the basic financial statements, of The Industrial
Development Board of the City of Oak Ridge, Tennessee as of and for the year ending
June 30, 2026 as contained in the Engagement Letter dated April 20, 2026 and attached
as Exhibit A to this Professional Services Agreement.
The CPA agrees to keep detailed records of activities conducted on behalf of the IDB.

3.

TERM
This Agreement shall commence on notice from the IDB.

4.

COMPENSATION
For the services provided under this Agreement, the IDB shall pay the CPA an amount
not to exceed $7,000.00 for the audit and in accordance with the fees outlined in the
Engagement Letter attached as Exhibit A. Invoices will be rendered as work progresses
and are payable upon presentation. Any work or fees beyond the scope of the attached
proposal shall be by written authorization by the IDB.

5.

ASSISTANCE FROM IDB
To assist the CPA in performing the audit, IDB shall furnish to the CPA, without charge,
copies of all available information requested by CPA relevant to the services to be
provided by the CPA.

6.

ENTIRE AGREEMENT

This Agreement, including the Engagement Letter dated April 20, 2026 attached as
Exhibit A, constitutes the entire Agreement among the parties with respect to the
transactions contemplated by this Agreement, and it supersedes all prior oral or written
agreements, commitments, or understandings with respect to the matters provided for in
this Agreement. No amendment, modification or discharge of this Agreement shall be
valid or binding unless set forth in writing and duly executed by the party against whom
enforcement of the amendment, modification or discharge is sought. All information
provided by CPA to the IDB is subject to disclosure under the Tennessee Open Records
Law.
7.

INDEPENDENT CONTRACTORS
The parties acknowledge that the relationship created under this Agreement is that of
independent contracting parties and this Agreement does not create a general agency,
joint venture, partnership, employment relationship or franchise between the parties.
Neither party shall represent itself to be an agent of the other, nor shall it execute any
documents or make any commitments to any contractual or other obligations with third
parties.

8.

GOVERNING LAW
This Agreement, the rights and obligations of the parties and any claims or disputes
relating thereto shall be governed and construed in accordance with the laws of the
State of Tennessee. In the event of a conflict between this Agreement and the Exhibits
attached hereto, the terms of this Agreement shall control.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
on their behalf, as of the day and year first written above.
INDUSTRIAL DEVELOPMENT BOARD OF
THE CITY OF OAK RIDGE, TENNESSEE

David E. Wilson, Chairman
DALE C. ISABELL
CERTIFIED PUBLIC ACCOUNTANT

Dale C. Isabell, CPA
Tax ID Number/Social Security Number for
Tax Reporting Purposes
Date
2

Exhibit A- FY2026 Audit Contract

DALE C. ISABELL
Certified Public Accountant
253 Short Street
Clinton, Tennessee 37716

MAILING ADDRESS
253 Short Street
Clinton, TN 37717

TELEPHONE AND FAX
(865) 457-2411
[email protected]

April 20, 2026
The Industrial Development Board of
The City of Oak Ridge
Municipal Building
Oak Ridge, TN 37830
I am pleased to confirm our understanding of the services I am to provide The Industrial
Development Board of the City of Oak Ridge, Tennessee for the period July 1, 2025
through June 30, 2026. I will audit the financial statements of the governmental
activities, the business-type activities which collectively comprise the entity’s basic
financial statements, of The Industrial Development Board of The City of Oak Ridge,
Tennessee as of and for the year ended June 30, 2026.
Audit Objectives
The objective of my audit is the expression of an opinion as to whether your financial
statements are fairly presented, in all material respects, in conformity with U.S. generally
accepted accounting principles and to report on the fairness of the additional information
referred to in the first paragraph when considered in relation to the financial statements
taken as a whole. My audit will be conducted in accordance with U.S. generally accepted
auditing standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States, and will
include tests of the accounting records of The Industrial Development Board of the City
of Oak Ridge, Tennessee and other procedures I consider necessary to enable me to
express such an opinion. If my opinion on the financial statements is other than
unmodified, I will fully discuss the reasons with you in advance. If, for any reason, I am
unable to complete the audit or am unable to form or have not formed an opinion, I may
decline to express an opinion or to issue a report as a result of this engagement.
I will also provide a report on internal control related to the financial statements and
compliance with laws, regulations, and the provisions of contracts or grant agreements,
noncompliance with which could have a material effect on the financial statements as
required by Government Auditing Standards.

Management Responsibilities
Management is responsible for establishing and maintaining internal control and for
compliance with laws, regulations, contracts, and agreements. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of the controls. The objectives of internal control are
to provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition, that transactions are
executed in accordance with management’s authorizations and recorded properly to
permit the preparation of financial statements in accordance with generally accepted
accounting principles.
Management is responsible for making all financial records and related information
available to me. I understand that you will provide me with such information required for
my audit and that you are responsible for the accuracy a completeness of that
information. I will advise you about appropriate accounting principles and their
application and will advise you in the preparation of your financial statements, but the
responsibility for the financial statements remains with you. As part of my engagement, I
may propose standard, adjusting, or correcting journal entries to your financial
statements. You are responsible for reviewing the entries and understanding the nature of
any proposed entries and the impact they have on the financial statements. That
responsibility includes the establishment and maintenance of adequate records and
effective internal control over financial reporting, the selection and application of
accounting principles, and the safeguarding of assets. Management is responsible for
adjusting the financial statements to correct material misstatements and for confirming to
me in the representation letter that the effects of any uncorrected misstatements
aggregated by me during the current engagement and pertaining to the latest period
presented are immaterial, both individually and in the aggregate, to the financial
statements taken as a whole.
You are responsible for the design and implementation of programs and controls to
prevent and detect fraud, and for informing me about all known or suspected fraud
affecting the government involving (a) management, (b) employees who have significant
roles in internal control, and (c) others where the fraud could have a material effect on the
financial statements. You are also responsible for informing me of your knowledge of
any allegations of fraud or suspected fraud affecting the organization received in
communications from employees, former employees, grantors, regulators, or others. In
addition, you are responsible for identifying and ensuring that the entity complies with
applicable laws and regulations.

Audit Procedures – General
An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements; therefore, my audit will involve judgment about
the number of transactions to be examined and the areas to be tested. I will plan and
perform the audit to obtain reasonable rather than absolute assurance about whether the
financial statements are free of material misstatement, whether from errors, fraudulent
financial reporting, misappropriation of assets, or violations of laws or governmental
regulations that are attributable to the entity or to acts by management or employees
acting on behalf of the entity. Because an audit is designed to provide reasonable, but not
absolute assurance and because I will not perform a detailed examination of all
transactions, there is a risk that material misstatements may exist and not be detected by
me. In addition, an audit is not designed to detect immaterial misstatements or violations
of laws or governmental regulations that do not have a direct and material effect on the
financial statements. However, I will inform you of any material errors that come to my
attention, and I will inform you of any fraudulent financial reporting or misappropriation
of assets that comes to my attention. I will also inform you of any violations of law or
governmental regulations that come to my attention, unless clearly inconsequential. My
responsibility as an auditor is limited to the period covered by my audit and does not
extend to matters that might arise during any later periods for which I am not engaged as
an auditor.
My procedures will include tests of documentary evidence supporting the transactions
recorded in the accounts, and may include tests of the physical existence of inventories,
and direct confirmation of receivable and certain other assets and liabilities by
correspondence with selected individuals, creditors, and financial institutions. I will
request written representation from your attorneys as part of the engagement, and they
may bill you for responding to this inquiry. At the conclusion of my audit, I will also
require certain written representations from you about the financial statements and related
matters.
Identifying and ensuring that The Industrial Development Board of The City of Oak
Ridge, Tennessee complies with laws, regulations, contracts, and agreements is the
responsibility of management. As part of obtaining reasonable assurance about whether
the financial statements are free of material misstatement, I will perform tests of The
Industrial Development Board of The City of Oak Ridge, Tennessee’s compliance with
applicable laws and regulations and the provisions of contracts and agreements.
However, the objective of my audit will not be to provide an opinion on overall
compliance and I will not express such an opinion.
Audit Procedures – Internal Controls
In planning and performing my audit, I will consider the internal control sufficient to plan
the audit in order to determine the nature, timing, and extent of my auditing procedures
for the purpose of expressing my opinion on The Industrial Development Board of the
City of Oak Ridge, Tennessee’s financial statements.

I will obtain an understanding of the design of the relevant controls and whether they
have been placed in operation, and I will assess control risk. Tests of controls may be
performed to test the effectiveness of certain controls that I consider relevant to
preventing and detecting errors and fraud that are material to the financial statements and
to preventing and detecting misstatements resulting from illegal acts and other
noncompliance matters that have a direct and material effect on the financial statements.
Tests of controls are required only if control risk is assessed below the maximum level.
My tests, if performed, will be less in scope that would be necessary to render an opinion
on internal control and, accordingly, no opinion will be expressed in my report on
internal control issued pursuant to Government Auditing Standards.
An audit is not designed to provide assurance on internal control or to identify reportable
conditions. However, I will inform The Industrial Development Board of the City of Oak
Ridge Tennessee of any matters involving internal control and its operation that I
consider to be reportable conditions under standards established by the American
Institute of Certified Public Accountants. Reportable conditions involve matters coming
to my attention relating to significant deficiencies in the design or operation of the
internal control that, in my judgment, could adversely affect the entity’s ability to record,
process, summarize, and report financial data consistent with the assertions of
management in the financial statements. I will also inform you of any non-reportable
conditions or other matters involving internal control, if any, as required by Government
Auditing Standards.
Audit Administration, Fees, and Other
I understand that you will prepare all cash or other confirmations I request and will locate
any invoices selected by me for testing.
The audit documentation for this engagement is the property of Dale C. Isabell, C.P.A.
and constitutes confidential information. However, pursuant to authority given by law or
regulation, I may be requested to make certain audit documentation available to the City
of Oak Ridge, a federal agency providing direct or indirect funding, or the Comptroller of
The Treasury, State of Tennessee for purposes of a quality review of the audit, to resolve
audit findings, or to carry out oversight responsibilities. I will notify you of any such
request. If requested, access to such audit documentation will be provided under the
supervision of Dale C. Isabell, C.P.A. personnel. Furthermore, upon request, I may
provide copies of selected audit documentation to the aforementioned parties. These
parties may intend, or decide, to distribute the copies or information contained therein to
others, including other governmental agencies.
I expect to begin my audit on approximately July 15, 2026 and to issue my reports no
later than November 15, 2026.
My fee for these services will be $7,000.00 due upon completion of the audit.

Government Auditing Standards require that I provide you with a copy of my most recent
external peer review report and any letter of comment, and any subsequent peer review
reports and letters of comment received during the period of the contract. My 2024 peer
review accompanies this letter and is good until October 31, 2027 which is next review
due date.
I appreciate the opportunity to be of service to The Industrial Development Board of the
City of Oak Ridge, Tennessee and believe this letter accurately summarizes the
significant terms of our engagement. If you have any questions, please let me know. If
you agree with the terms of our agreement as described in this letter, please sign the
enclosed copy and return it to me.
Very truly yours,
Dale C Isabell CPA
RESPONSE:
This letter correctly sets for the understanding of The Industrial Development Board of
the City of Oak Ridge, Tennessee.
By:
Title:
Date:

Chairman

EXHIBIT B- ORIDB Minutes May 4, 2026

RESOLUTION RELATING TO A PAYMENT IN LIEU OF TAX
TRANSACTION BETWEEN THE INDUSTRIAL DEVELOPMENT BOARD
OF THE CITY OF OAK RIDGE AND OLYMPUS DEVELOPMENT
PARTNERS, LLC
WHEREAS, the Board of Directors of The Industrial Development Board of the City of Oak Ridge
(the “Board”) has been duly created and organized pursuant to and in accordance with the provisions of
Chapter 53, Title 7 of the Tennessee Code Annotated, as amended (the “Act”), and has met pursuant to
proper notice; and
WHEREAS, the City Council of the City of Oak Ridge, Tennessee (the “City Council”) has
previously approved Policies and Procedures for a Property Tax Incentive Program (the “Policies and
Procedures”) and delegated to the Board the authority to negotiate and accept from lessees of the Board
payments in lieu of ad valorem taxes in accordance with the Policies and Procedures; and
WHEREAS, Olympus Development Partners, LLC (the “Company”) has applied to participate in
the PILOT Incentive Program of the Board and intends to acquire, construct, and develop a multifamily
residential rental facility consisting of not less than three hundred thirty-six (336) apartment units located
in seven (7) buildings, each with four (4) stories and elevator service, together with certain community
amenities and other site improvements (collectively, the “Project”), on certain real property located on
Edgemoor Road and Centennial Boulevard, Oak Ridge, Tennessee (the “Property”); and
WHEREAS, the Company intends to Convey the Property and the Project to the Board, and the
Board will lease the Property and the Project to the Company, pursuant to the terms of the Lease (as defined
herein); and
WHEREAS, the Board has received a letter from the City Manager of the City of Oak Ridge,
expressing his support for the Project and recommending certain terms related to tax abatement for the
Project (the “Support Letter”); and
WHEREAS, the City Council has previously recommended certain terms related to the tax
abatement for the Project (the “Recommended Terms”); and
WHEREAS, the Board desires to approve the acquisition and ownership of the Project, pursuant to
the Policies and Procedures, the Support Letter, and the Recommended Terms; and
WHEREAS, the Board desires to authorize and direct its legal counsel to prepare a lease
agreement between the Board and the Company, providing for the Company to make certain payments in
lieu of tax to the Board and to carry out the transaction described above (the “Lease”) and certain related
documents, pursuant to the Policies and Procedures, the Support Letter, and the Recommended Terms.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF OAK RIDGE:
1.
It is hereby found and determined that the acquisition and ownership of the Project will
promote industry, trade, commerce, and housing in the State of Tennessee and will increase employment
opportunities in Oak Ridge, Tennessee.
2.
The Board hereby approves the acquisition and ownership of the Project in accordance
with the Policies and Procedures, the Support Letter, and the Recommended Terms.

3.
documents.

The Board hereby authorizes and directs its legal counsel to prepare the Lease and related

4.
The Lease and related documents shall be prepared in accordance with the Policies and
Procedures, the Support Letter, and the Recommended Terms and may include a reasonable construction
period for the Project as contemplated in the Act.
5.
All other acts of the officers of the Board which are in conformity with the purposes and
intent of this resolution are hereby approved and confirmed.
Adopted and approved on this May 4, 2026.

THE INDUSTRIAL DEVELOPMENT BOARD
OF THE CITY OF OAK RIDGE

ATTESTED:
____________________________________
Timothy Stallings, Secretary

50097293.1

___________________________________________
David Wilson, Chairman

EXHIBIT C- ORIDB Minutes May 4, 2026

Summary of Annual PILOT Incentive Reports
Tax Year 2025 (January 1 through December 31, 2025)

There were eight (8) active PILOT projects on record during tax year 2025. Six (6) companies submitted annual incentive
reports to the IDB in compliance with the City of Oak Ridge Property Tax Incentive Program Policies and Procedures. One
company in their construction phase was not required to submit a report, and one company’s PILOT term ended in 2025.

Company
Dartmouth, LP/
Callaghan Tower

Kairos Power, LLC

Capital
Expenditures

Total #
Employees
Living in OR
and Salaries

Miscellaneous

(Total to Date)

Total # of
New Jobs
and Salaries

N/A

N/A

N/A

110 Units with Occupancy Rate of
100%

$74,200,000

18
$1,967,724.86

4
$497,308.65

Notice of Completion/Certificate of
Occupancy had not yet been issued as
of 12/31/2025, but Abatement Period
Started 1/1/2025 per Lease
$3,700,000 spent locally on supplier
and professional services in 2025

Mainstreet Capital
Partners, LLC
Mainstreet Lofts
Phase 1

N/A

N/A

N/A

226 Units with Occupancy Rate of
95.1%

Mainstreet Capital
Partners 2, LLC
Mainstreet Lofts
Phase 2

N/A

N/A

N/A

24 Units with Occupancy Rate of 91.7%

Mainstreet Capital
Partners 3, LLC
Mainstreet Lofts
Phase 3

N/A

N/A

N/A

125 Units with Occupancy Rate of
82.4%

Laboratory Holdings,
LLC
(MCLINC)

N/A

N/A

N/A

No Report
PILOT Term ended 8/8/25
Back on Tax Rolls at 100%

RAMA
Oak Ridge, LLC
(Woodspring Suites)

N/A

N/A

N/A

Certificate of Occupancy issued
8/27/2025
22.87%

N/A

No Report Due
Notice of Completion/Certificate of
Occupancy had not yet been issued as
of 12/31/2025

BWXT Enrichment
Operations, LLC

N/A

N/A

This summary report fulfills the requirement stated in Section V Post-Closing Monitoring of the City of Oak Ridge
Property Tax Program Policies and Procedures.
_______________________________________
David Wilson, Chairman
Oak Ridge Industrial Development Board

April 2026

Oak Ridge Industrial Development Board

11:25 AM
05/19/26
Accrual Basis

Balance Sheet Prev Month Comparison

ASSETS
Current Assets
Checking/Savings
Investments
TNBank CD- #7904
TNBank CD- #7921
TNBank MM- #5805

As of April 30, 2026
Apr 30, 26

Mar 31, 26

$ Change

500,000.00
0.00
2,147,072.01

500,000.00
1,000,000.00
309,175.23

0.00
-1,000,000.00
1,837,896.78

Total Investments
TNBank- General Fund Checking
Total Checking/Savings
Total Current Assets
Fixed Assets
Land
Other Capital Assets
Accumulated Depreciation
Novus Irrigation System

2,647,072.01

1,809,175.23

837,896.78

111,051.17

67,078.69

43,972.48

2,758,123.18

1,876,253.92

881,869.26

2,758,123.18

1,876,253.92

881,869.26

9,410,110.25

2,776,480.25

6,633,630.00

-6,436.17
9,817.90

-6,381.63
9,817.90

-54.54
0.00

3,381.73

3,436.27

-54.54

9,413,491.98

2,779,916.52

6,633,575.46

TOTAL ASSETS

12,171,615.16

4,656,170.44

7,515,444.72

LIABILITIES & EQUITY
Equity
Investment in Capital Assets
Unrestricted Net Assets
Net Income

9,413,491.98
1,866,986.60
891,136.58

2,779,916.52
1,866,986.60
9,267.32

6,633,575.46
0.00
881,869.26

12,171,615.16

4,656,170.44

7,515,444.72

12,171,615.16

4,656,170.44

7,515,444.72

2,758,123.18

1,876,253.92

881,869.26

Total Other Capital Assets
Total Fixed Assets

Total Equity
TOTAL LIABILITIES & EQUITY

*Unassigned Fund Balance

*

Page 1

11:30 AM

Oak Ridge Industrial Development Board

05/11/26

Statement of Activities- Previous Month Comparison

Accrual Basis

April 2026
Apr 26

Income
100 INTERGOVERNMENTAL
114 TVA InvestPrep Grant

1,140.00

Total 100 INTERGOVERNMENTAL
101 USE OF MONEY OR PROPERTY
108 Interest Income
117 Land Sales-Other

Total 235 Site Development- HC Area 7
Total 218 CAPITAL PROJECTS
Total Expense
Net Income

0.00
0.00

837,038.91
5,000.00
50,000.00

0.00

55,000.00

894,174.19

2,182.78

891,991.41

157.21

224 Heritage Center Exp

13,538.91
823,500.00

55,000.00

1,500.00
3,500.00
132.72
0.00

Total 200 ECONOMIC DEVELOPMENT

-47.50

995.28

5,000.00
50,000.00

Total 210 Horizon Center - CAM

218 CAPITAL PROJECTS
235 Site Development- HC Area 7
238 Engineering Design

995.28
0.00

838,034.19

Total Income

-47.50

1,187.50

14,534.19
823,500.00

Total 106 OTHER LOCAL REVENUE

Expense
200 ECONOMIC DEVELOPMENT
201 Facility & Services - ORCC
202 Mgmnt & Admin Services
206 Office Equip. & Supplies
207 Marketing
210 Horizon Center - CAM
212 Utilities

$ Change

1,187.50

1,140.00

Total 101 USE OF MONEY OR PROPERTY
106 OTHER LOCAL REVENUE
103 PILOT Application Fee
104 PILOT Closing Fee

Mar 26

0.00
3,500.00
192.37
466.35

1,500.00
0.00
-59.65
-466.35

135.80

21.41

157.21

135.80

21.41

0.00

151.73

-151.73

5,289.93

7,015.00

4,446.25

0.00

7,015.00

843.68

7,015.00
0.00

7,015.00

7,015.00

0.00

7,015.00

12,304.93

4,446.25

7,858.68

881,869.26

-2,263.47

884,132.73

Page 1

OAK RIDGE INDUSTRIAL DEVELOPMENT BOARD
Statement of Revenues and Expenditures- Budget Performance
For the One and Ten Months Ended April 30, 2026
REVENUES

100 INTERGOVERNMENTAL
113 State of TN FastTrack Grant
$
114 TVA InvestPrep Grant
$ 121,603.50
115 State of TN SD Grant
$ 768,728.10
101 USE OF MONEY OR PROPERTY
105 Land Sales-Horizon Center
$
108 Interest Income
$
50,000.00
117 Land Sales-Other
$
106 OTHER LOCAL REVENUE
102 Horizon Center- CAM Fees
$
3,200.00
103 PILOT Application Fees
$
15,000.00
104 PILOT Closing Fees
$
50,000.00
116 Ind Contract Consideration
$
Total Operating Income $ 1,008,531.60

AVAILABLE FUNDS

Decrease Unassigned Fund Balance
HC Area 7 Project

April 2026

2026
Annual Budget

$

Actual
$
$
$

Budget

Year-To-Date

Favorable(Unfav)

Actual

Budget

Favorable(Unfav)

$
1,140.00 $
$

$
1,140.00 $
$

-

$
$
$

$
13,071.75 $
$

$
13,071.75 $
$
-

$
$
$ 14,534.19 $
$ 823,500.00 $

$
2,500.00 $
$

$
12,034.19 $
823,500.00 $

$
48,504.47 $
823,500.00 $

$
44,950.00 $
$
-

3,554.47
823,500.00

50,000.00
53,640.00

5,000.00
840,534.19

$
$
5,000.00
$ 50,000.00
$
$ 894,174.19

151,059.15 $

-

$
$
$
$
$
$

-

$
$
$
$
$
$

-

$
$
65,000.00
$
50,000.00
$
100.00
$ 1,000,176.22

$
$ 15,000.00
$ 50,000.00
$
$ 123,021.75

$
$
$
$
$

50,000.00
100.00
877,154.47

$

$

$

877,154.47

-

-

Total Revenues & Available Funds $ 1,159,590.75 $ 894,174.19 $ 53,640.00 $ 840,534.19 $ 1,000,176.22 $ 123,021.75 $
EXPENDITURES

200 ECONOMIC DEVELOPMENT
201 Facility & Support Services- ORCC
$
6,000.00
202 Management & Admin Services
$
50,000.00
203 Insurance
$
400.00
204 Audit Services
$
6,500.00
206 Office Equipment & Supplies
$
1,500.00
207 Marketing
$
5,000.00
208 Professional Services
$
210 Horizon Center- CAM
212
Utilities
$
1,800.00
213
Contingency & Repairs
$
2,500.00
Total Horizon Center- CAM $
4,300.00
216 Land Sale- Horizon Center
$
223 ORCDC
$
224 Heritage Center/Other Property Exp
$
250.00
Total Economic Development Expenses $
73,950.00
218 CAPITAL PROJECTS
235 HC Area 7 Project
236
Construction
$ 619,531.00
237
Construction Inspection
$
35,857.00
238
Engineering Design
$ 157,143.00
239
Eng- Other/Due Diligence
$
44,821.75
240
Project Administration
$
50,000.00
241
Project Contingency
$ 134,037.00
Total Project Exp- Grant Funded $ 1,041,389.75
242
Other Exp-Not Grant Funded
$
Total HC Area 7 Project Expenses $ 1,041,389.75
Total Expenditures $ 1,115,339.75

REVENUES OVER(UNDER) EXPENDITURES $

44,251.00

-

$
$
$
$
$
$
$

1,500.00
3,500.00
132.72
-

$
$
$
$
$
$
$

1,500.00
4,166.00
125.00
321.00
-

$
$
$
$
$
$
$

$
666.00 $
$
$
(7.72) $
321.00 $
$

6,000.00
38,280.00
308.00
6,500.00
1,050.41
2,293.94
122.50

$
$
$
$
$
$
$

6,000.00
41,660.00
308.00
6,500.00
1,250.00
4,065.00
-

$
$
$
$
$
$
$

3,380.00
199.59
1,771.06
(122.50)

$
$
$
$
$
$
$

157.21
157.21
5,289.93

$
$
$
$
$
$
$

150.00
150.00
6,262.00

$
$
$
$
$
$
$

(7.21) $
$
(7.21) $
$
$
$
972.07 $

1,454.31
1,454.31
22,000.00
151.73
78,160.89

$
$
$
$
$
$
$

1,500.00
1,500.00
61,283.00

$
$
$
$
$
$
$

45.69
45.69
(22,000.00)
(151.73)
(16,877.89)

$
$
$
$
$
$
$
$
$
$

7,015.00
7,015.00
7,015.00
12,304.93

$
$
$
$
$
$
$
$
$
$

7,015.00
7,015.00
7,015.00
13,277.00

$
$
$
$
$
$
$
$
$
$

972.07

$
$
$
$
$
$
$
$
$
$

30,878.75
30,878.75
30,878.75
109,039.64

$
$
$
$
$
$
$
$
$
$

30,878.75
30,878.75
30,878.75
92,161.75

$
$
$
$
$
$
$
$
$
$

(16,877.89)

$ 881,869.26

$

40,363.00

$

841,506.26 $

891,136.58

$

30,860.00

$

860,276.58

Oak Ridge Industrial Development Board

12:10 PM
06/03/26
Accrual Basis

Balance Sheet Prev Month Comparison

ASSETS
Current Assets
Checking/Savings
Investments
TNBank CD- #7904
TNBank MM- #5805

As of May 31, 2026
May 31, 26

Apr 30, 26

$ Change

500,000.00
2,153,213.22

500,000.00
2,147,072.01

0.00
6,141.21

2,653,213.22

Total Investments
TNBank- General Fund Checking
Total Checking/Savings
Total Current Assets
Fixed Assets
Land
Other Capital Assets
Accumulated Depreciation
Novus Irrigation System

2,647,072.01

6,141.21

155,473.48

111,051.17

44,422.31

2,808,686.70

2,758,123.18

50,563.52

2,808,686.70

2,758,123.18

50,563.52

9,410,110.25

9,410,110.25

0.00

-6,490.71
9,817.90

-6,436.17
9,817.90

-54.54
0.00

3,327.19

3,381.73

-54.54

9,413,437.44

9,413,491.98

-54.54

TOTAL ASSETS

12,222,124.14

12,171,615.16

50,508.98

LIABILITIES & EQUITY
Equity
Investment in Capital Assets
Unrestricted Net Assets
Net Income

9,413,437.44
1,866,986.60
941,700.10

9,413,491.98
1,866,986.60
891,136.58

-54.54
0.00
50,563.52

12,222,124.14

12,171,615.16

50,508.98

12,222,124.14

12,171,615.16

50,508.98

2,808,686.70

2,758,123.18

50,563.52

Total Other Capital Assets
Total Fixed Assets

Total Equity
TOTAL LIABILITIES & EQUITY

*Unassigned Fund Balance

*

Page 1

12:10 PM

Oak Ridge Industrial Development Board

06/03/26

Statement of Activities- Previous Month Comparison
May 2026

Accrual Basis

May 26
Income
100 INTERGOVERNMENTAL
114 TVA InvestPrep Grant

Apr 26

0.00

101 USE OF MONEY OR PROPERTY
108 Interest Income
117 Land Sales-Other

6,206.69
0.00

0.00
50,000.00

Total 106 OTHER LOCAL REVENUE
Total Income
Expense
200 ECONOMIC DEVELOPMENT
201 Facility & Services - ORCC
202 Mgmnt & Admin Services
206 Office Equip. & Supplies
207 Marketing
210 Horizon Center - CAM
212 Utilities

Total 235 Site Development- HC Area 7
Total 218 CAPITAL PROJECTS
Total Expense
Net Income

-8,327.50
-823,500.00

838,034.19
5,000.00
50,000.00

-831,827.50
-5,000.00
0.00

55,000.00

-5,000.00

56,206.69

894,174.19

-837,967.50

141.52

1,500.00
3,500.00
132.72
0.00
157.21

141.52

1,683.75

-15.69
-15.69

5,289.93

7,015.00

1,683.75

-1,500.00
0.00
-99.82
285.00

157.21

3,959.42

Total 200 ECONOMIC DEVELOPMENT
218 CAPITAL PROJECTS
235 Site Development- HC Area 7
238 Engineering Design

14,534.19
823,500.00

-1,140.00

50,000.00

0.00
3,500.00
32.90
285.00

Total 210 Horizon Center - CAM

-1,140.00

1,140.00

6,206.69

Total 101 USE OF MONEY OR PROPERTY
106 OTHER LOCAL REVENUE
103 PILOT Application Fee
104 PILOT Closing Fee

1,140.00
0.00

Total 100 INTERGOVERNMENTAL

$ Change

-1,330.51

-5,331.25

7,015.00

-5,331.25

1,683.75

7,015.00

-5,331.25

5,643.17

12,304.93

-6,661.76

50,563.52

881,869.26

-831,305.74

Page 1

OAK RIDGE INDUSTRIAL DEVELOPMENT BOARD
Statement of Revenues and Expenditures- Budget Performance
For the One and Eleven Months Ended May 31, 2026
REVENUES

100 INTERGOVERNMENTAL
113
State of TN FastTrack Grant
$
114
TVA InvestPrep Grant
$ 121,603.50
115
State of TN SD Grant
$ 768,728.10
101 USE OF MONEY OR PROPERTY
105
Land Sales-Horizon Center
$
108
Interest Income
$
50,000.00
117
Land Sales-Other
$
106 OTHER LOCAL REVENUE
102
Horizon Center- CAM Fees
$
3,200.00
103
PILOT Application Fees
$
15,000.00
104
PILOT Closing Fees
$
50,000.00
116
Ind Contract Consideration
$
Total Operating Income $ 1,008,531.60

AVAILABLE FUNDS

Decrease Unassigned Fund Balance
HC Area 7 Project

May 2026

2026
Annual Budget

$

Actual

Budget

$
$
$

-

$
$
$

$
$
$

$
6,206.69 $
$

$
$
$
$
$ 50,000.00 $
$
$
$ 56,206.69 $

151,059.15 $

-

$

Total Revenues & Available Funds $ 1,159,590.75 $ 56,206.69 $
EXPENDITURES

200 ECONOMIC DEVELOPMENT
201
Facility & Support Services- ORCC
$
6,000.00
202
Management & Admin Services
$
50,000.00
203
Insurance
$
400.00
204
Audit Services
$
6,500.00
206
Office Equipment & Supplies
$
1,500.00
207
Marketing
$
5,000.00
208
Professional Services
$
210
Horizon Center- CAM
212
Utilities
$
1,800.00
213
Contingency & Repairs
$
2,500.00
Total Horizon Center- CAM $
4,300.00
216
Land Sale- Horizon Center
$
223
ORCDC
$
224
Heritage Center/Other Property Exp
$
250.00
Total Economic Development Expenses $
73,950.00
218 CAPITAL PROJECTS
235
HC Area 7 Project
236
Construction
$ 619,531.00
237
Construction Inspection
$
35,857.00
238
Engineering Design
$ 157,143.00
239
Eng- Other/Due Diligence
$
44,821.75
240
Project Administration
$
50,000.00
241
Project Contingency
$ 134,037.00
Total Project Exp- Grant Funded $ 1,041,389.75
242
Other Exp-Not Grant Funded
$
Total HC Area 7 Project Expenses $ 1,041,389.75
Total Expenditures $ 1,115,339.75

REVENUES OVER(UNDER) EXPENDITURES $

44,251.00

Year-To-Date

Actual

Budget

$
$
$

$
13,071.75 $
$

$
13,071.75 $
$

$
2,500.00 $
$

$
3,706.69 $
$

$
54,711.16 $
823,500.00 $

$
47,450.00 $
$

2,500.00

$
$
$
$
$

50,000.00
53,706.69

$
$
$
$
$

50,000.00
50,000.00
100.00
930,861.16

2,500.00

$
$

$
$
$
53,706.69 $ 1,056,382.91 $ 125,521.75 $

930,861.16

Favorable(Unfav)

-

$
$
$

-

-

$
$
65,000.00
$ 100,000.00
$
100.00
$ 1,056,382.91

$
$ 15,000.00
$ 50,000.00
$
$ 125,521.75

Favorable(Unfav)

7,261.16
823,500.00

$
$
$
$
$
$
$

3,500.00
32.90
285.00
-

$
$
$
$
$
$
$

4,166.00
125.00
606.00
-

$
$
$
$
$
$
$

666.00
92.10
321.00
-

$
$
$
$
$
$
$

6,000.00
41,780.00
308.00
6,500.00
1,083.31
2,578.94
122.50

$
$
$
$
$
$
$

6,000.00
45,826.00
308.00
6,500.00
1,375.00
4,671.00
-

$
$
$
$
$
$
$

4,046.00
291.69
2,092.06
(122.50)

$
$
$
$
$
$
$

141.52
141.52
3,959.42

$
$
$
$
$
$
$

150.00
150.00
5,047.00

$
$
$
$
$
$
$

8.48
8.48
1,087.58

$
$
$
$
$
$
$

1,595.83
1,595.83
22,000.00
151.73
82,120.31

$
$
$
$
$
$
$

1,650.00
1,650.00
66,330.00

$
$
$
$
$
$
$

54.17
54.17
(22,000.00)
(151.73)
(15,790.31)

$
$
$
$
$
$
$
$
$
$

1,683.75
1,683.75
1,683.75
5,643.17

$
$
$
$
$
$
$
$
$
$

1,683.75
1,683.75
1,683.75
6,730.75

$
$
$
$
$
$
$
$
$
$

1,087.58

$
$
$
32,562.50
$
$
$
$
32,562.50
$
$
32,562.50
$ 114,682.81

$
$
$
$
$
$
$
$
$
$

32,562.50
32,562.50
32,562.50
98,892.50

$
$
$
$
$
$
$
$
$
$

(15,790.31)

$ 50,563.52

$

(4,230.75) $

$

26,629.25

$

915,070.85

54,794.27 $

941,700.10

EXECUTIVE ASSISTANT REPORT
July 6, 2026
Activities- May & June 2026
1. Financial
a. Accounts Payable
b. Deposits
c. April & May Financial Statements
d. Update Schedule of Fixed Assets
e. Gather information and help Finance Committee to prepare budget proposal for FY2027
2. Board Meeting(s)
a. May 4, 2026- Finance Committee Meeting- Agenda and board packet prep/distribution
b. May 4, 2026- Board Meeting- Agenda and board packet prep/distribution
c. June 1, 2026- Meeting cancellation notice distribution
d. June 24, 2026- Finance Committee Meeting- Agenda and board packet prep/distribution
e. July 6, 2026- Board Meeting- Agenda and board packet prep/distribution
3. Miscellaneous Items
a. Worked with City Attorney and other City personnel on several items
b. Responded to DOE emails/requests
c. Worked with attorneys at Bass, Berry, & Sims on multiple projects and other items
d. Items for Project Reindeer
e. Schedule meeting with David and DOE personnel
f. Contacted City regarding mowing/landscaping issues at Horizon Center
g. At the request of the Chairman, amended the Administrative Support Services
Agreement and created a more detailed Exhibit A- Scope of Services attachment
h. Prepared Letter of Support to City for Power Grant application
i. Responded to various emails and phone calls and other general office duties
j. Several other items at the direction of the IDB Chairman/attorneys
4. R-50 Project
a. Finalized items for PILOT closing
b. Worked with company and TNECD to finalize and get Chairman’s signature on the
Accountability Agreement and Contract for the Nuclear Grant
c. Sent company information on the contact for telecommunications services
d. Working with DOE/company on amendment to easement agreement and other items
5. BWXT Project
a. Worked with TNECD on items related to Nuclear Grant
b. Prepared Resolution to approve new grant amount
6. Bluff Apartments PILOT
a. Worked with attorneys/developer on items needed for PILOT closing
7. FY2026 Audit/Closeout
a. Submitted information to the State on new audit contract

Page 1 of 2

8. Horizon Center, Area 7 Project
a. Misc. items/correspondence related to correction of resubdivision plat for Area 7 and
easement docs
b. Worked with Brad on several items
c. Processed invoices and Investprep draw requests
d. Submitted monthly reports to State
9. Goals for July forward
a. Continue working on FY2026 closeout/audit
b. Work on new PILOT application/other
c. Continue working on items related to InvestPrep & the State SDG and the Horizon
Center, Area 7 project
d. Continue assisting with several upcoming & existing projects
e. Other items as required

Page 2 of 2

OAK RIDGE INDUSTRIAL DEVELOPMENT BOARD
ADMINISTRATIVE SUPPORT SERVICES AGREEMENT
This Administrative Support Services Agreement, hereinafter referred to as this “Agreement,” is
entered into on this 1st day of July , 2026, by and between The Industrial Development Board of the City of
Oak Ridge, Tennessee, hereinafter referred to as the “IDB,” and
SAMANTHA W. ROYSTER,
17
Clark Place, Oak Ridge, TN 37830
, hereinafter referred to as the “Contractor,” (and collectively
hereinafter referred to as the “Parties”).
WITNESSETH
WHEREAS, the IDB is in need of staff assistance and administrative support; and
WHEREAS, the Contractor is willing and capable of providing these services.
NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement,
and subject to the terms and conditions stated, the Parties do mutually agree as follows:
Section 1.

Scope of Services.

The Contractor shall provide staff and administrative support services to the IDB as set forth in Exhibit A,
Scope of Services, as well as for any specific projects assigned to the Contractor by the Chairman of the IDB.
Exhibit A is incorporated herein by reference and made a part of this Agreement as if fully set forth herein
verbatim. The Contractor agrees to complete the assignments within the timeframes given for each
assignment.
Section 2.

Term.

This Agreement shall commence on July 1, 2026, and shall terminate on December 31, 2026, unless
terminated earlier by the IDB as provided under Section 6.
Section 3.
A.

Payment for Services.

Payment for Services. The total payment for services described herein shall be a sum not to exceed
$
, which is paid at the rate of $_________ per month for services rendered. The Contractor
is an independent contractor and no tax or other withholding is made. The Contractor will receive a
1099 for the IDB for services rendered.

Section 4.

Time of Performance.

The Contractor shall commence services upon execution of this Agreement. The services are required to be
completed in a timely manner that meets all required notice requirements for the IDB’s public meetings.
Time is of the essence for this Agreement and services shall be rendered in a manner that meets the project
deadlines given to the Contractor by the Chairman of the IDB. When the Contractor cannot meet a project
deadline, it is the Contractor’s responsibility to notify the Chairman of the IDB as soon as practical.
Section 5.

IDB Responsibilities.

The Chairman of the IDB shall:
A.

Provide the Contractor with full information as to the IDB’s requirements for each project and shall
provide the Contractor with all pertinent documents related to the project.

B.

Provide the Contractor with prompt notice whenever the Chairman of the IDB becomes aware of any
development that affects the scope of timing of the Contractor’s services.

Administrative Support Services Agreement
Page 1 of 6

Section 6.

Contract Termination Provision.

The IDB may terminate this Agreement at any time for any reason or no reason by giving written notice to the
Contractor specifying an effective date which may be immediate. Upon such termination, the IDB will pay
the Contractor for services satisfactorily rendered through the termination date.
Section 7.

Ownership of Documents.

All materials and documents prepared or assembled by the Contractor under this Agreement are the
property of the IDB.
Section 8.

Insurance.

The Contractor is responsible for obtaining liability and automobile insurance and maintaining such
insurance during the term of this Agreement.
Section 9.

Right to Inspect Records.

The Contractor agrees that the IDB shall have access to and the right to examine any books, documents,
papers, and records of the Contractor involving transactions related to this Agreement Monday through
Friday between the hours of 8:00 a.m. and 5:00 p.m.
Section 10.

Indemnification.

The Contractor does hereby covenant and contract to indemnify and hold harmless the IDB from and against
liability for damage to any property, injury to any person(s), or any economic loss, arising out of, in whole or
in part, (1) the Contractor’s performance or non-performance of its duties under this Agreement including
any acts of negligence, intentional tort, or intellectual property infringement; and/or (2) any defect in any
services provided by the Contractor. This duty to defend, indemnify, and hold harmless shall include the
Contractor’s responsibility for any and all foregoing claims, even if such claims are groundless, false, and/or
fraudulent, and any and all equitable relief, damages, costs, and attorneys’ fees except those caused by
either the IDB’s sole negligence or its willful misconduct. This obligation shall be continuing in nature and
shall survive termination of this Agreement.
Section 11.

Independent Contractor.

The Contractor’s status is that of an independent contractor and not an agent, fiduciary, servant, employee,
or representative of the IDB in the performance of this Agreement. No term or provision of this Agreement or
act of the Contractor or the IDB under this Agreement shall be construed as changing that status. The
Contractor will have exclusive control of and the exclusive right to control the details of its services
performed hereunder, and shall be liable for the Contractor’s errors and omissions, and the doctrine of
respondeat superior shall not apply as between the IDB and the Contractor, and nothing herein shall be
construed as creating a partnership or joint enterprise between the IDB and the Contractor.
Section 12.

Conflict of Interest.

The Contractor covenants and agrees that the Contractor will have no interest, and will acquire no interest,
either direct or indirect, which will conflict in any manner with the performance of the services under this
Agreement.
Section 13. Confidential Information.
The Contractor hereby acknowledges and agrees that its representatives may have access to or otherwise
receive information during the furtherance of its obligations under this Agreement which is of a confidential,
non-public, or proprietary nature. The Contractor shall treat any such information received in full confidence
and will not disclose or appropriate such Confidential Information for its own use or the use of any third party
Administrative Support Services Agreement
Page 2 of 6

at any time during or subsequent to this Agreement. As used herein, “Confidential Information” means all
oral and written information received concerning the IDB and/or the City of Oak Ridge Tennessee or its
activities that is of a non-public, proprietary, or confidential nature including, without limitation, information
pertaining to industrial or other businesses having an interest in locating in the city limits.
The term “Confidential Information” shall not include such materials that (1) are or become generally
available to the public other than as a result of disclosure by the Contractor, (2) are required to be disclosed
by the IDB pursuant to a properly submitted request under Tennessee’s open records law as that law is
interpreted in the strictest sense, (3) were known to the Contractor prior to its receipt from the IDB, and/or
(4) becomes known independently of disclosure by the IDB to the Contractor from a source other than one
having an obligation of confidentiality to the IDB or from an employee or agent of the City or a business
seeking to locate or locating within the city limits.
Section 14.

Notices.

All notices and communications required under this Agreement shall be in writing and will be deemed given
at the time it is deposited in the Unites States mail, postage paid, certified or registered mail, return receipt
requested, addressed to the party to whom it is to be given as follows:
To the IDB:
Chairman of the IDB
1400 Oak Ridge Turnpike
Oak Ridge, Tennessee 37830
Section 15.

To the Contractor:
Samantha W. Royster
17 Clark Place
Oak Ridge, TN 37830

Non-Waiver.

It is further agreed that one or more instances of forbearance by the IDB or the Contractor in the exercise of
its rights herein shall in no way constitute a waiver thereof.
Section 16.

Anti-Discrimination.

In the performance of this Agreement, the Contractor shall not discriminate against any employee or
applicant for employment because of race, color, creed, religion, age, sex, sexual orientation, national origin,
or any other legally protected class.
Section 17.

Iran Divestment.

The Contractor acknowledges that this Agreement will be void at initio, and payment withheld, if this
certification is inaccurate:
Pursuant to Tennessee law (Tennessee Code Annotated §12-12-101 et. seq, known as the Iran
Divestment Act), the Contractor certifies that it is not on the list of persons engaging in investment
activities in Iran as described in Tennessee’s Iran Divestment Act and, therefore, ineligible to contract
with the State of Tennessee. Further, the Contractor certifies that it will not utilize the services of any
subcontractor for services under this Agreement that is identified by the State of Tennessee as
engaging in investment activities in Iran in violation of the Iran Divestment Act.
Section 18.

Severability.

If any of the terms, provisions, covenants, conditions, or any other part of this Agreement are for any reason
held to be invalid, void, or unenforceable, the remainder of the terms, provisions, covenants, conditions, or
any other part of this Agreement shall remain in full force and effect and shall in no way be affected, impaired,
or invalidated.

Administrative Support Services Agreement
Page 3 of 6

Section 19.

Entire Agreement.

This Agreement, including all exhibits and appendices attached and incorporated by reference, embodies
the complete and whole agreement of the Parties. There are no prior oral or written representations, terms,
conditions, promises, or agreements between the Parties relating to matters herein, and except as otherwise
provided herein. This Agreement cannot be modified except by a written amendment(s) signed by the
Parties.
Section 20.

Venue.

The Parties to this Agreement agree and covenant that this Agreement will be enforceable in Oak Ridge,
Tennessee; and that if legal action is necessary to enforce this Agreement, exclusive venue will lie in
Anderson County, Tennessee, or in the United States District Court for the Eastern District of Tennessee,
Knoxville Division.
Section 21.

Governing Law.

This Agreement is entered into subject to and is to be construed, governed, and enforced under all applicable
State of Tennessee and federal laws. The Contractor will make any and all reports required per federal, state,
or local law including, but not limited to, proper reporting to the Internal Revenue Service as required in
accordance with the Contractor’s income. Situs of this Agreement is agreed to be Anderson County,
Tennessee, for all purposes, including performance and execution.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement by their duly authorized
representatives on the day and year first written above.
APPROVED:

THE INDUSTRIAL DEVELOPMENT BOARD OF CITY OF
OAK RIDGE, TENNESSEE:

Tammy M. Rackard, Of Counsel

David E. Wilson, Chairman of the IDB
SAMANTHA W. ROYSTER:

Signature

Attachment:

Exhibit A – Scope of Services

Administrative Support Services Agreement
Page 4 of 6

EXHIBIT A – SCOPE OF SERVICES
The Scope of Services, includes but is not limited to, the following:
1. Financial (under the supervision of the IDB Treasurer)
a. Full Charge Bookkeeping duties, Governmental Accounting Principles and within the guidelines set
forth in IDB Policies (Internal Controls & Compliance, Fund Balance, Capitalization, etc.) such as:
• Maintain the IDB’s bookkeeping software system
• Accounts Payable/Accounts Receivable
• Fund Accounting
• Maintain General Ledger
• Capital/Fixed Assets
• Accounts Reconciliation
• Prepare Monthly/Annual Reports for Board Meetings/Audit
• Close Books at yearend/work with External Auditor- Prepare/compile multiple reports and
documents for Audit
2.

IDB Meetings
a. Attend All Meeting and Take/Prepare Minutes
b. Prepare Agenda and Board Packets
• Coordinate with IDB Chairman and Members/Attorneys/Others on agenda items and make
sure all supporting documents are prepared and included in the board packet
• Upload agendas to City Website
• Distribute Agenda Packets to IDB/City/Press/Others on required distribution list
c. Coordinate Special/Committee Meetings
d. Set up rooms for IDB meetings
e. Help ensure compliance with TN Open Meetings Act

3. Maintain Filing System
a. Maintain physical and electronic files of IDB records in accordance with the IDB Records Retention
Policy
4. Correspondence/Communication
a. Prepare/Distribute all IDB correspondence electronically and/or mail
b. Answer/respond to all IDB telephone calls and emails
5. IDB Chair and Committees Chairs
a.

Work with all IDB Chair and Committees Chairs to administratively support their activities such as:
• Financial/Accounting/Audit activities/Annual Budget
• Preparation/Updating of IDB Policies and Procedures
• Maintain records of IDB owned Land/Capital Assets
• Maintain contact info for Horizon Center land owners for annual CAM billing and other
correspondence
• Oversight of projects, procurement of services, preparation of contracts, coordinating the
completion of contracted services, etc. in accordance to IDB/City/State policies
• Assist with the preparation/execution of legal documents related to land sales/acquisition
of land

6. Additional Support Staff
a. Oversee any additional administrative or clerical support staff that may be hired by the Board as
needed
Administrative Support Services Agreement
Page 5 of 6

7. Incentives/Grants
a. Work with IDB Chairman/Attorneys/City Staff/ORCDC/Companies on local incentives requiring IDB
approval such as PILOTs, TIFs, and Bonds from application through closing and maintain log of
Incentives activity
b. Request annual PILOT reports from companies, analyze reports to see if goals have been met,
prepare/send comprehensive report to City Finance Director and summary report to City/County
officials
c. Prepare/submit annual TIF reports to State with information requested from City/County personnel
d. Prepare/submit annual Debt report to State with information requested from the Bond Attorney
e. Work with State TNECD employees/companies on State incentives from application through
closing such as FastTrack and Nuclear Economic Development grants. Work with companies on
invoicing process for State funds to pass through the IDB to the company.
f. At the Board’s direction, write grant proposals/manage application process for State/Federal grants
supporting the IDB’s mission
g. Perform project accounting, manage draws, prepare monthly/quarterly reporting, assist with
procurement/bid process, and other items for awarded grants during contract period
8. City Staff
a. Work with staff of the City of Oak Ridge, Tennessee, concerning IDB activities and projects,
including keeping information current on the IDB website (minutes, meetings, and other items as
the Chairman and/or IDB may require)
9. Chamber Staff
a. Work with the staff of the Oak Ridge Chamber of Commerce to service all current and future IDB
activities
10. ORCDC Staff
a. Work with the staff of the Oak Ridge Corridor Development Corporation (ORCDC) to service all
current and future IDB activities
11. Reports
a. Submit a monthly report to the IDB as part of the IDB agenda packet describing IDB activities for the
previous month

Administrative Support Services Agreement
Page 6 of 6

OAK RIDGE INDUSTRIAL DEVELOPMENT BOARD
FY2027 BUDGET
July 1, 2026 - June 30, 2027
Proposed
FY2027
BUDGET

FY2026
FINAL BUDGET
(Estimate)

REVENUES

100 INTERGOVERNMENTAL
113 TN Nuclear/FastTrack Grant
$
114 TVA InvestPrep Grant
$
115 State of TN SD Grant-TNECD Dept
$
Total Intergovernmental $
101 REVENUE FROM USE OF MONEY OR PROPERTY
105 Land Sales- Horizon Center
$
108 Interest Income
$
117 Land Sales-Other
$
Total Revenues from Use of Money/Property $
106 OTHER LOCAL REVENUE
102 Horizon Center- CAM
$
103 PILOT Application Fees
$
104 PILOT Closing Fees
$
116 Ind. Contract Consideration
$
Total from Other Local Revenue $

AVAILABLE FUNDS

July 6, 2026
Effective July 1, 2026

JUSTIFICATIONS

19,076.25
19,076.25

$
$
$
$

Pass-through grants
102,527.25 Available grant funds
768,728.10 Available grant funds
871,255.35

60,000.00
823,500.00
883,500.00

$
$
$
$

No scheduled closings
72,000.00 Est. based on current rates
72,000.00

1,300.00
65,000.00
100,000.00
100.00
166,400.00
TOTAL REVENUES $ 1,068,976.25

$
3,200.00 Est. based on CAM expenses
$
10,000.00 Assumes 1 new PILOT
$
50,000.00 Assumes 1 new PILOT
Account no longer needed
$
$
63,200.00
$ 1,006,455.35

Decrease Unassigned Fund Balance
For Area 7 Project

EXPENDITURES

$
19,078.50 $ 131,980.65 IDB match for grants
TOTAL REVENUES & AVAILABLE FUNDS $ 1,088,054.75 $ 1,138,436.00

200 ECONOMIC DEVELOPMENT
201 Facility & Services- ORCC
$
202 Management & Admin Services
$
203 Insurance
$
204 Audit Services
$
206 Office Equipment & Supplies
$
207 Marketing
$
210 Horizon Center- CAM
212
Utilities
$
213
Contingency & Repairs
$
Total Horizon Center- CAM $
217 TN Nuclear/FastTrack Grant
$
223 ORCDC
$
224 Heritage Center Exp
$
Total Economic Develoment Expenditures $
218 CAPITAL PROJECTS
235 HC Area 7 Project
236
Construction
$
237
Construction Inspection
$
238
Engineering Design
$
239
Eng- Other/Due Diligence
$
240
Project Administration
$
241
Project Contingency
$
Total Project Exp- Grant Funded $
242
Other Exp-Not Grant Funded
$
Total HC Area 7 Project Expenses $

TOTAL EXPENDITURES $

REVENUES OVER(UNDER) EXPENDITURES $

6,000.00 $

6,000.00 Current contract amount

45,280.00 $

308.00
6,500.00
1,200.00
2,700.00

$
$
$
$

62,000.00 Increase for added contract costs

1,800.00
1,800.00
22,000.00
200.00
85,988.00

$
$
$
$
$
$
$

1,800.00 Est. based on prior year expense
2,500.00 Est. based on historical expenses
4,300.00
Pass-through grants
Not a recurring expense
250.00 Est. based on prior year expense
86,450.00

38,153.75
38,153.75
38,153.75
124,141.75
963,913.00

$ 619,531.00 Project budget per grants
$
35,857.00 Project budget per grants
$ 118,989.25 Project budget per grants
$
44,821.75 Project budget per grants
$
50,000.00 Project budget per grants
$ 134,037.00 Project budget per grants
$ 1,003,236.00
$
$ 1,003,236.00
$ 1,089,686.00

$

400.00 Est. cost of crime coverage
7,000.00 Actual per audit contract
1,500.00 Est. for increased costs
5,000.00 Increase foraddit'l expenses

48,750.00

A RESOLUTION AUTHORIZING AN AMENDMENT TO THE APPLICATION AND
ACCEPTANCE OF A NUCLEAR ENERGY PROGRAM ECONOMIC DEVELOPMENT
GRANT ON BEHALF OF BWXT ENRICHMENT OPERATIONS, LLC
WHEREAS, The Industrial Development Board of the City of Oak Ridge authorized
the Chairman and his duly authority designee to prepare and submit all necessary and
appropriate documentation regarding a Nuclear Energy Program Economic Development
Grant application in the amount of $715,000.00 in support of BWXT Enrichment Operations,
LLC, to partially finance construction costs for the Oak Ridge project located on Development
Area/Lot 5 at Horizon Center Industrial Development Park totaling $30,000,000.00; and,
WHEREAS, The Industrial Development Board of the City of Oak Ridge authorized
the Chairman to accept said grant on behalf of the Board if awarded and to execute any and
all legal instruments to accomplish the same; and,
WHEREAS, The Nuclear Energy Program Economic Development Grant agreement
in support of BWXT Enrichment Operations, LLC, to partially finance construction costs for
the Oak Ridge facility has been received by The Industrial Development Board of the City of
Oak Ridge for signature; however, the amount of said grant is now $1,200,000.00 rather than
the originally applied for amount of $715,000.000.00.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF OAK RIDGE:
The Industrial Development Board of the City of Oak Ridge hereby authorizes the
Chairman and his duly authority designee to execute all necessary legal instruments to accept
the grant in the increased amount of $1,200,000.00.
This Resolution adopted this the 6th day of July 2026.
APPROVED:

THE INDUSTRIAL DEVELOPMENT BOARD
OF THE CITY OF OAK RIDGE:

__________________________________
Tammy Rackard
of Counsel to the Board

____________________________________
David Wilson, Chairman

ATTESTED:

__________________________________
Timothy Stallings, Secretary

July 6, 2026
1400 Oak Ridge Turnpike
Oak Ridge, TN 37830
ph (865) 362-0002
[email protected]
www.ORIDB.net
__________________________

Board of Directors
David E. Wilson
Chairman
Sasha Little
Vice Chairman
Timothy Stallings
Secretary-Treasurer
Richard G. Chinn
Peter Newby
Ryan Overton
Michael Russell
Harold Trapp
Adam Vann
Samantha W. Royster
Executive Assistant

Mr. Ardo Ba, Electric Director
City of Oak Ridge
P.O Box 1
Oak Ridge, TN 37831
RE: Letter of Support
Mr. Ba:
The Industrial Development Board (IDB) is aware of the City of Oak
Ridge’s plans to construct a 40MW substation on Self-Sufficiency
Parcel 2 (SSP-2) that will serve the expected power demand that is
needed to support the development and operation of the new Orano
USA development project.
Please accept this letter as the IDB’s formal support for the
substation and the 2026 Appalachian Regional Commission
POWER Program grant application requesting $2M to partially fund
the approximate $10M substation project.
The IDB is excited for the future of the Orano project, and we are
eager for the economic benefits it will bring to Oak Ridge and the
surrounding communities.
Please let us know if we can be of further assistance.
Kind regards,

David E. Wilson,
Chairman
Cc:

Terry Bobrowski, TNECD