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Industrial Development Board approves Goodwill financing in concept for White House store
Summary
The White House Industrial Development Board voted to approve, in concept, a revenue-bond financing to support Goodwill Industries of Middle Tennessee’s plan for a retail store and donation center; counsel and staff will return with final documents for approval.
The Industrial Development Board voted in favor of moving forward, in concept, with tax-exempt revenue bond financing to support Goodwill Industries of Middle Tennessee’s plan to build a retail store and donation center in White House.
Matthew Burlakson, president and CEO of Goodwill Industries in Middle Tennessee, told the board the nonprofit covers 48 of Tennessee’s 95 counties and operates roughly 30 retail stores. "Our mission is to provide employment and training opportunities to individuals with disabilities and others who have trouble finding and keeping jobs," Burlakson said, and he estimated the organization would provide employment and career services to local residents through the new store.
Board members asked for details about the site and timing. Counsel and staff said the property is under contract, located behind Farmers Bank with two entrances including one off Highway 76, and that the Planning Commission has approved the site plan. Burlakson said Goodwill aims to open the store around late March or early April next year, contingent on closing and financing.
Staff described the proposed financing as a revenue bond transaction structured so that Goodwill would be the obligor and Pinnacle Bank would purchase the bond. Counsel said the structure is intended to make the interest on the bonds tax-exempt under federal tax rules and that Goodwill would indemnify the city. "It is my understanding that the city will have no liability," counsel said, adding that documents will be drafted and reviewed by board counsel before any final approval.
Board members noted it was unusual for the mayor to be asked to sign a certificate for an industrial development transaction; counsel explained the process and said the board’s approval is required first, with a separate meeting planned to review and approve final financing documents. Members emphasized they would review the loan documents and have the opportunity to request changes before final action.
A motion to approve the resolution in concept carried by voice vote. The board asked staff and counsel to return with the final financing documents for formal approval at a later meeting.
