The McMinn County Economic Development Authority, in cooperation with the local governing bodies, customizes incentive offers to prospective new industry or expanding existing industry based on capital investment, number of jobs created, and average wages. Some of the incentive programs that are available include:
Payment in Lieu of Tax Program (PILOT)
Any property tax abatements are offered in the form of a Payment in Lieu of Tax Program (PILOT). The Industrial Development Board of McMinn County is the entity that manages the PILOT Program. The Economic Development Authority serves as the administrative arm of the Industrial Development Bond Board. PILOT Policies and Procedures, along with application, are available by contacting the McMinn County Economic Development Authority.
Tax Increment Financing Program (TIF)
A Tax Increment Financing Program has been established in the City of Athens to encourage redevelopment of blighted areas in the community. Tax increment financing is a financing tool that is used in many states to provide public assistance to economic development projects. Through tax increment financing, incremental taxes from a designated area are allocated to pay debt service on debt incurred by an applicant to pay for qualifying improvements that are made in connection with a particular project. A TIF may be used for qualified redevelopment projects, urban renewal projects, and economic impact projects that demonstrate a substantial and significant public benefit by constructing public improvements and/or cause the productive reuse of under-utilized property. TIF Policies and Procedures, along with application, are available by contacting the McMinn County Economic Development Authority.
Industrial Development Bonds
Industrial Development Bonds (IDBs) are tax-exempt Private Activity Bonds issued by the Industrial Development Bond Board of McMinn County on behalf of manufacturing facilities to finance qualified capital projects. Tax-free bonds are available for new projects with investment up to $10 million. Investment in real and/or personal property cannot exceed $10 million within a 3-year period or the bond will become a taxable issue. Rates normally are 70 percent (70%) of prime plus handling.