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Industrial Development Board adopts formal PILOT policies and procedures
Summary
The board unanimously approved formal policies and procedures governing payments in lieu of taxes (PILOT) transactions, including application guidelines, a points matrix and clawback provisions; staff said there is no fiscal impact to the IDB from adopting the policy itself.
The City of Chattanooga Industrial Development Board voted April 7 to adopt formal policies and procedures for payments in lieu of ad valorem taxes (PILOTs), setting out application requirements, evaluation criteria and clawback provisions.
Sharita Allen, senior adviser for economic and workforce development for the City of Chattanooga, told the board the State statute authorizes the Industrial Development Board to approve…
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