PILOT incentive for new company goes before Chattanooga Council - WRCBtv.com | Chattanooga News, Weather & Sports

PILOT incentive for new company goes before Chattanooga Council

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CHATTANOOGA, TN (WRCB) - A new plastics company is investing about 65-million dollars to build a new plant in Chattanooga.
The new manufacturer is also expected to bring hundreds of jobs to the scenic city.  But it may not be a done deal yet.

Chattanooga Council will be doing the first reading of the PILOT incentive for Plastic Ominum Auto Exteriors.

PILOT stands for payment in lieu of taxes.

The city and county offer these incentives to larger organizations to bring them in.

What this incentive does is require a payment over a ten year period Instead of paying property taxes, which Charles Wood says will save the company money in the long haul.

Charles Wood, Chattanooga Chamber of Commerce, "It still ends up doing the same thing but it reduces the full tax payment they would have in general funds. So it's not as much as it would be if they were just hit right on."

Wood tells Channel 3 this incentive will earn the city 1.17 million dollars as well as 2 million in new school taxes.
Council will vote next week.



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