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Tazewell County IDA approves routine financial items, accepts $10,000 for waterline and OKs two tax rebates
Summary
At its Dec. 18 meeting the IDA approved its November minutes and financial statements, accepted $10,000 from the Board of Supervisors for a potential Pisgah Road water line extension, and approved year-two tax rebates for Consolidated Steel ($49,496.54) and Southwest Compressor ($54,199.80).
The Industrial Development Authority of Tazewell County approved routine financial business Dec. 18, including adoption of the Nov. 12 meeting minutes and the December invoice summary, and approval of the November bank statements for the General and Grant accounts.
Economic Development Manager Ashley Harris told the Authority the department was tracking 12 active projects with roughly $3.1 billion in projected capital investment, about 418 net new jobs and an estimated $27 million in annual payroll. Harris also said the IDA received $10,000 from the Board of Supervisors for a possible extension of a Tazewell PSA water line on Pisgah Road; the Authority approved acceptance of those funds unanimously.
The Authority unanimously approved year-two tax rebates tied to increased real and personal property values from the 2023 base year for Consolidated Steel ($49,496.54) and Southwest Compressor ($54,199.80), contingent on confirmation that the Tazewell County Treasurer received the payments. Mr. Eric Young noted the county budgets the additional revenue and the Board of Supervisors transfers the amounts to the IDA for payment.
