Bradley County Commission Chairman Louie AlfordCLEVELAND, Tenn. — A projected increase in tax revenues, expected to occur within a few years, generated cautious optimism from Bradley County officials Monday.
Trustee Mike Smith told county commissioners that several industrial development projects will yield nearly $20 million in revenues between 2014 and 2016. The expected funds are the result of multiple payment-in-lieu-of-taxes agreements involving Wacker, Amazon, P&G-Duracell and other companies.
“This commission now has the ability to look out a few years and do some things that no other commission in the history of Bradley County has been able to do,” Smith said.
Smith said the funding bump could allow the county to address some existing challenges, including providing for school system needs and reducing its debt.
Known as PILOTs, the deals often are given to new businesses to lure them to an area. Under the agreements, instead of paying full property tax rates on land owned by the government, businesses agree to make payments for a certain number of years. However, the businesses usually must pay the share of property tax that goes to schools.