Asking For Big $$$
|At what could only be considered a bizarre meeting,
Loudon County Economic Development assistant, Kathy Knight, proposed to
the Loudon County Commission and the Loudon City Council a plan to give
a local industry millions of dollars in tax breaks. According to Knight,
the industry has asked to remain anonymous till they find out if they
will get the requested tax breaks.
Knight told those in the joint meeting that the industry was planning a 30 mil. expansion and was asking the county and the city of Loudon to consider a 50% personal property tax break for five years. The total cost to the tax payers is projected to be nearly $300,000.00 over five years. It would also cost the Loudon County schools more than $100,000.00. Ms. Knight stated that the expansion by the industry was not expected to create any new jobs.
Last year commissioners rejected Dr. Bob Overholt's request for a tax payer subsidy for his proposed Development in Lenoir City yet agreed to pay $300,000.00 to assist Loudon in paying for a private road for the Tennessee National Development. Commissioners voted for a property tax increase but refuse to implement the senior tax freeze.
When local governments open the tax payer's pockets to developers and industry, it's hard to say no to the next one. Hopefully, commission will not agree to giving away our money while asking us to pay higher and higher taxes.