The Maury County Commission on Monday approved a plan that, upon receiving of all the necessary signatures, is aimed at bringing a multimillion-dollar development project to Mt. Pleasant.
Commissioners voted 21-0-1 in favor of the economic development plan for the unnamed project, which in its first phase will see the construction of a 500,000-square-foot manufacturing facility on 96 acres of land at 1344 North Main St.
County officials have described the investing company as a “European company that builds household products with natural fibers.”
Commissioner June Beckum abstained from the vote.
The commission’s vote puts it in agreement with the Industrial Development Board to provide tax increment financing for the land’s development. All that remains for the project to move forward is approval from the Mt. Pleasant City Commission, which is expected to conduct its own vote on the development at its meeting Tuesday.
“Once you approve the plan, it will be complete,” said Tom Trent, attorney for the IDB. “The company will then become comfortable making an announcement — we hope — and then they will look at the final arrangements, pick a lender and the IDB will have to approve the final note.”
According to the economic development plan, the three local entities will take out a maximum $5.2 million bank loan on the company’s behalf to provide funds to acquire the land, construct and equip the facility. The company will be liable for this loan and will continue to pay property taxes, which are expected to increase exponentially upon the project’s completion, according to the plan.
“After completion, the tax base attributable to the Project is expected to generate $208,000 per year in City property taxes, and over $393,000 in County property taxes,” the plan reads. “The Project is also expected to employ approximately 180 full time equivalent employees once the Project is fully operational.”
The plan also provides the option for the city and county to reserve 5 percent of their respective share of the property tax for administrative costs, and allows the county to reserve an additional 5 percent of the property tax for use in schools.
“I hope that this is going to be something that is very beneficial for Maury County and Mt. Pleasant,” Commission Chairman Tommy Wolaver, a Mt. Pleasant representative, said in closing. “I appreciate all the hard work that the (industrial) development board has done on this issue.”
Also Monday, commissioners approved:
◆ receipt of a $39,350 performance grant with no local match for the Office of Emergency Management from the Tennessee Emergency Management Agency;
◆ receipt of a $6,500 hazardous materials emergency planning grant with a $1,625 local match for the Office of Emergency Management;
◆ a resolution amending the highway fund budget by $8,560.87 to account for the sale of equipment;
◆ a resolution amending the Maury County Public Schools budget to account for receipt of grants and improvements;
◆ a resolution changing one part-time position in the county assessor’s office to a full-time position.