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Board OKs tax incentive for test reactor project
Oakridger
The Oak Ridge Industrial Development Board recently approved a tax incentive for a test reactor called Hermes at the East Tennessee Technology Park in the west end of the city.
City Manager Mark Watson laid out the recommended payment in lieu of taxes (PILT) agreement in a letter to the Industrial Development Board (IDB) before the board approved the proposal.
The city plans to offer a 10-year, 50% tax abatement for any land, buildings and personal property subject to property taxation that is part of the project.
Watson recommended the applicant, Kairos Power LLC, choose a period of 10 consecutive tax years for the agreement, commencing with the 2022 tax year but ending not later than the 2034 tax year, to receive this abatement.