City of Crossville - File #: 14-0447

• File #: 14-0447
• Version: 1
• Name: CoLinx PILOT
• Type: Resolution
• Status: Passed
• File created: 10/28/2014
• In control: City Council
• On agenda: 11/10/2014
• Final action: 11/10/2014
• Title: Discussion and action on proposed payment-in-lieu-of-taxes (PILOT) for CoLinx
• Sponsors: City Manager
• Indexes: Not applicable

Date	Ver.	Action By	Action	Result
11/10/2014	1	City Council	approved as recommended	Pass
11/3/2014	1	Work Session	received and filed

Title

Discussion and action on proposed payment-in-lieu-of-taxes (PILOT) for CoLinx

Body

SUMMARY:

With the new addition for CoLinx nearing completion, a request has been received for a PILOT similar to previous tax abatements.  This PILOT is based on new investments of $7,525,000 in real property and $6,850,000 in personal property.  The PILOT must be approved by the City, County, and the Industrial Development Board.

BUDGET ACCOUNT:

Recommended Action

NECESSARY COUNCIL ACTION:  Approve PILOT for CoLinx.