GE Power to pay Chattanooga, Hamilton County $6 million in settl - WRCBtv.com | Chattanooga News, Weather & Sports

GE Power to pay Chattanooga, Hamilton County $6 million in settlement

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CHATTANOOGA, TN (WRCB) -

GE Power has negotiated a settlement with Chattanooga that includes a $6 million dollar payment to the city and Hamilton County.

Hamilton County Mayor Jim Coppinger and Chattanooga Mayor Andy Berke released details on the settlement on Friday.

Officials say the settlement follows a dispute with manufacturing company Alstom Power stemming from a 2008 Payment in Lieu of Taxes (PILOT) Agreement. 

GE Power acquired Alstom Power in 2015, and worked to find a solution to the dispute.

“We are pleased to have resolution on this matter. Time, effort and money that could have been spent in litigation can now be focused on developing future business on this site,” said Hamilton County Mayor Jim Coppinger.  

“After months of negotiations, we have come to a solution that will not only recoup funds back for our taxpayers but clears the way for this valuable property to once again be used for creating jobs,” said Chattanooga Mayor Andy Berke.

“This is a huge win -- not only because of the very real dollars that help the city and county provide vital services, but for the reforms we made over two years ago, in large part due to this 2008 Alstom Power PILOT, which added more accountability to all PILOT agreements moving forward.” 

For more information about the PILOT process, existing agreements, and investments enabled through PILOT investments, citizens can visit the? ?open data portal which contains data on every agreement.

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