Industrial Development Board hears update on PILOT projects
The Carter County Industrial Development Board did not have enough members present for a quorum Thursday morning, but attorney Keith Bowers was able to provide an update on two projects for members who were present.
If a majority of board members had attended, the board would have been voting on allowing the chairman to sign final drafts of payment-in-lieu-of-tax agreements for two industries. One was a 5-year PILOT renewal for Borla Industries and the other was a new agreement for Send the Light distribution.
PILOT agreements allow a property owner to pay off a loan without being taxed. The IDB approved extending PILOTs to the two businesses in its April 2013 meeting. The PILOT agreements will not be official until the final legal documents have been created and signed.
Bowers said all of the documents for the Borla Industries had been completed and were ready to be signed by the IDB chairman.
For the Send the Light PILOT, Bowers said the business had yet to seek its own legal representative to create the PILOT paperwork. He added the county had done everything on its end to have the PILOT ready to be signed.
“They have to retain their own council for the agreement,” he said. “We can’t do that for them.”
Send the Light is in the process of consolidating all of its distribution operations from Georgia and Nevada to the Elizabethton facility. The business is also close to closing on the purchase of its Stoney Creek facility. The loan for the facility and the PILOT agreement are to be coordinated.
The next IDB meeting has been set for May 8 with the goal of finalizing the PILOT agreements.
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