Caldwell County On Track to Receive TVA Funds for Economic Development

Caldwell County is on track to receive hundreds of thousands of dollars for economic development thanks to state legislation.
Amanda Davenport, Lake Barkley Partnership Economic Development Executive Director, addressed the Caldwell County Fiscal Court at a meeting on Tuesday morning to update them on the process of House Bill 114. She reminded the court that HB114 adjusts the TVA in-lieu-of-tax payment formula to ensure more funds stay in the 39 county region TVA facilitates.
She noted that all 39 counties agreed to accept the funds which means that Caldwell County is slated to receive $51,000 the first year after the legislation takes affect. Caldwell County will then receive $102,000 the second year, $153,000 the third year, and $150,000 every year after so long as the program is still funded.
Davenport added that the county does have to show the state how the money will be spent in order to receive funds. This will be done through the Princeton/Caldwell County Industrial Development Authority Board.
Funds can only be used for economic development within the county, which could include job-attracting activities such as land prep for industrial sites, infrastructure upgrades, or for matching federal or state grants. Funds can also be banked for larger future projects. Funds can not be used for salaries or consulting services.

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