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Residents question proposed Yokohama plant purchase and EDA participation at Woodford County meeting
Summary
During public comment, residents raised financial and transparency concerns about a proposed county/EDA purchase of the Yokohama plant — questioning carrying costs, alternative available space, and whether the EDA's 5% proceeds arrangement creates a conflict of interest; county leaders defended the arrangement and cited due diligence.
Members of the public pressed the Woodford County Fiscal Court for more disclosure and a clearer plan regarding a proposed purchase of the Yokohama plant and the Economic Development Authority’s (EDA) role in the transaction.
Chris Hooten asked whether it is the government’s role "to control industry beyond planning and zoning" and said he was concerned about the annual carrying cost, insurance and maintenance for a vacant plant; he also noted he had heard a potential purchase price in the range of "8 and $9,000,000" (public comment, SEG 631–656). Hooten questioned why the EDA would receive 5% of the proceeds and suggested that arrangement could create a conflict of interest.
Judge Kaye and the county attorney responded that the EDA’s share is net proceeds for work the EDA would perform; the judge said the EDA originally requested 20% and the court negotiated that down to 5% so the authority could operate. Judge Kaye also said the court had discussed carrying costs and that bonding had been mentioned as a mechanism to cover carrying costs.
The judge disputed the suggestion that Yokohama left Woodford County due to workforce issues: "Yokohama gave a statement as to why they left our community. They shipped jobs to Mexico. They shipped jobs to South Carolina... It was nothing to do with our community." The county attorney and other members said the committee had received due-diligence information and timeline details in the Committee of the Whole meeting earlier.
No formal purchase motion or vote on acquiring the Yokohama plant is recorded in the public meeting minutes excerpted here; county leaders said due diligence and carrying-cost analyses have been discussed in prior EDA and city meetings.
What happens next: the court has received an update from the EDA consultant and will continue to consider due diligence and timeline details through the EDA and Committee of the Whole processes.
