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Confidentially Helps Secure Business for IDB

by Ashley Murphy

Tuesday, November 16, 2010

After the Bradley County Commission passed a resolution designating Bradley County as an economic recovery zone, the Industrial Development Board moved on with next steps to attempt to secure up to $41 million to help Olin Chemicals with a possible reinvestment project.

IDB board members approved issuing up to $41 million in Recovery Zone Facility Bonds. These bonds are part of the American Recovery and Reinvestment Act passed by the Obama Administration in 2009 and give a tax-exempt interest rate to the business. The application for the bonds must be received before December 31st of this year.

The bonds would not affect the county's credit rating, as no liability is placed on the city or the county. In addition, all legal fees are the responsibility of Olin.

Chamber President Gary Farlow update everyone on the WACKER company. He said most of the permits are in place and the route for an industrial access highway has been decided. Tennessee Department of Transportation will be split 50/50 between local and state governments for the cost of the right-of-way. Groundbreaking could possibly come after the first of the new year.

A possible distribution center could be coming to the area. Vice President for Economic Development Doug Berry stated the IDB has entered into a confidentiality agreement, so the nature of the company cannot be discussed. But if the center does come here, it would be off of Exit 33. The IDB is still in competition with other locations and Farlow expressed the need for confidentiality. If the word gets out, others may be brought into the competition and the greater the chances of losing the business.

The IDB has been adjourned and will reconvene on Tuesday, December 7th at 8 a.m. in the Chamber Board Room.

In addition, a public hearing has been planned for Thursday, December 2nd at 2 p.m. in the Chamber Board Room to discuss the proposed $41 million in Recovery Zone Facility Bonds.