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Council recommends three-year PILOT offer for Century Mold, asks attorney to include clawback language
Summary
Shelbyville council instructed staff to recommend a three-year payment-in-lieu-of-taxes (PILOT) framework to the Industrial Development Board attorney for Century Mold—or machinery and equipment valued at $6 million, and asked that the city attorney include clawback provisions.
The Shelbyville Mayor and City Council on March directed staff and the local Industrial Development Board ttorney to pursue a three-year PILOT offer for Century Mold's proposed $6 million machinery and equipment purchase and to include clawback language in any agreement.
Council discussion noted Century Mold already participates in four existing pilot agreements with the city and that the company currently employs about 87 people (as stated during the meeting). Council members and staff debated the appropriate length of PILOT terms, with…
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