Business will create 146 jobs
By Stan Welch
Economic development dominated the agenda of the Anderson County Council Tuesday night. The Council, with District Six Councilman Ken Waters absent, gave first reading approval to an ordinance authorizing a fee in lieu of taxes (FILOT) agreement with an entity known at this time as Project EMB.
Economic Development Director Burriss Nelson told the Council that the company involved is a forty year old family owned business. The original capital investment will be $2.5 million, with an eventual investment of nearly $6 million.
The company will create 146 jobs, paying an hourly wage of sixteen dollars and hour. The annual payroll will be approximately $4.6 million. The first year, the company will pay approximately $16,500 in property taxes. That figure will total a half million dollars over twenty years, and three quarters of a million dollars over the thirty year life of the FILOT agreement.
Nelson added that the total economic impact of the project over twenty years will reach $182 million. That figure includes houses bought or built by workers and management, cars bought, taxes paid, and a variety of other impacts on the local economy.
The Council voted unanimously to offer the incentives, which includes the establishment of an industrial/business park to be located in the county. The Council, in another action, approved the transfer of an existing incentive agreement to Kubetech Custom Molding.
That agreement facilitates a twenty million dollar capital investment and helps retain seventy two existing jobs.