Bradley County OKs incentives for $1 billion plant

CLEVELAND, Tenn. — The Bradley County Commission quickly and unanimously approved a tax incentive plan Monday for an international company that could bring about 600 jobs here and invest about $1 billion.

“Just so everybody knows, this is not the announcement of an industrial project,” said Gary Farlow, president of the Cleveland/Bradley Chamber of Commerce. “What this is, is a discussion and a vote on an industrial prospect as far as the incentive package for that project.”

The Tennessee Department of Economic Development will provide a $16 million grant for infrastructure development, and the Tennessee Department of Transportation will provide $7 million for an industrial access road, according to Mr. Farlow.

Bradley County’s local match for that sum is about $5 million, he said.

The company is said to be environmentally sensitive and one of the largest firms in its industry. Company officials have asked local, state and federal officials not to reveal its name, the product or their home country.

Commissioners were told the company will decide by Jan. 31 whether to settle on 550 acres in northern Bradley County now shared by Wright Bros. Construction Co., Olin Chemicals and county government. Olin Chemicals’ own board is expected to vote on and approve the sale.

According to Mr. Farlow, the company would pay full taxes — about $150,000 a year — on the property in 2009 and 2010. It would pay no property taxes while the plant is being built between January 2011 and Dec. 31, 2014.

The company then would have a 50 percent tax abatement for 25 years.

Ross Tarver, chairman of the Bradley Industrial Development Board, said the board meets this morning to put its own stamp on the incentive plan.

“There were hundreds of locations they were considering, and then they narrowed that down to three or four,” Mr. Tarver said. “At that point we were the only North American site.”

Mr. Tarver was in the audience and e-mailing company officials as the commission voted Monday.

Bradley County Mayor D. Gary Davis said, “this is a billion-dollar investment willing to be made by the company. The local $5 million investment has a payback in seven years. The timeline is a no-brainer.”

“How are we going to work the incentive package? There are still several options we are looking at,” Mr. Davis said.