By Shannon McFarlin WENK/WTPR News Director
Paris, Tenn.—Following a presentation by the board attorney, the Industrial Development Board of the city of Paris Tuesday evening approved the PILOT agreement for Revel Enterprises to lease the spec building at Henry County’s industrial park.
The first stage of the PILOT agreement—which is an acronym for Payment In Lieu Of Taxes—was approved last week by the Henry County Commission and will be on the table for approval at the July Paris City Commission meeting.
The PILOT agreement will enable the company to expand. Revel Enterprises has two businesses: Revel Logging and Revel Enterprises and the PILOT agreement is for Revel Enterprises, which is an online fulfillment center for auto parts.
Similar PILOT agreements have been approved for other local expanding businesses in the past.
The industrial committee had several questions for Board Attorney Scott Haight of Dyersburg before approving the agreement.
Haight said the agreement represents a 15-year tax abatement for the spec building and a seven-year tax abatement for the equipment. Haight presented the documentation involved in the transaction for board members to review.
The agreement also includes hiring incentives as well as incentives for the retention of current employees. Revel Enterprises has stated it will employ from 65-75 new employees.
County Industrial Committee CEO David Hamilton said Revel is a rapidly-expanding business and will be investing some $2M in equipment and renovations to the building.
Board members asked questions of Haight regarding specifics of the agreement and what liabilities there might be for the city. Board Member Bruce Reed asked how the industrial board would know whether Revel was meeting its requirements under the agreement and Haight said Revel is required to submit quarterly reports, which would be forwarded to the board.
Reed thanked Haight for his presentation. “That helped with our understanding,” Reed said.
In other business, the board reorganized and reappointed Troy Buttrey as Chairman and Treasurer; Reed as Vice-President; and Bo Caldwell as Secretary.
Photo: Attorney Scott Haight, right, makes a presentation to the board, while members (from left) Charles Wilson, Scott Buttrey, Bruce Reed and Tae Eaton. (Shannon McFarlin photo).
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