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Board approves revenue-sharing agreements with LPRIFA as Project Intersection reports 100 jobs
Summary
The Board approved revenue-sharing agreements with the Lonesome Pine Regional Industrial Facilities Authority and approved revenue-sharing for two Project Intersection buildings; LENOWISCO reported Project Intersection has created approximately 100 jobs and represents a $27 million investment.
Duane Miller, Executive Director at LENOWISCO, told the Board that the Lonesome Pine Regional Industrial Facilities Authority (LPRIFA) — in operation for six years — is now generating measurable revenue and regional benefits. Miller reported Project Intersection has created approximately 100 jobs and represents a $27 million investment, and he said the authority generated enough revenue to reimburse participating localities’ annual $5,500 contributions and distribute an additional $4,500 from net revenues.
Following the presentation, the Wise County Board of Supervisors unanimously approved a resolution confirming membership with LPRIFA (Res. #31-2026) and also approved resolutions to enter into revenue-sharing agreements with LPRIFA (Res. #33-2026) and to approve revenue sharing tied to Project Intersection for a 20,000-square-foot building (Res. #34-2026) and a 28,000-square-foot building (Res. #35-2026). Motions on the revenue-sharing resolutions were made by Board members and passed unanimously.
The Board noted the economic development implications while also recording that each of the seven participating LPRIFA members contributed $5,500 initially and that net revenues enabled a distribution among members.
