A resolution authorizing the acceptance of the first TVA in-lieu-of-tax payment to be used for economic development within the county has been approved following action taken by the Fiscal Court.
At a meeting Tuesday morning Caldwell County Judge Executive Larry Curling stated that the Court must pass a resolution to accept the funds provided by the recent passage of HB 114, which adjusts the TVA in-lieu-of-tax payment formula to ensure more funds stay in the 39 county region TVA facilitates.
Executive Director of the Lake Barkley Partnership for Economic Development Amanda Davenport added that the resolution is to accept the first payment of $51,282. She noted that the Princeton-Caldwell County Industrial Development Authority doesn’t currently have a project to use the funds on and were planning on banking the money for later use.
Davenport explained that the funds can only be used toward economic development projects, which could include improvement at Caldwell County’s Build Ready site on Highway 62 West in Princeton.
Judge Curling also added that on July 1st the county would receive the next payment of funds, in the amount of $104,000. The following year the county will receive $153,000 and every year after the county will receive $150,000 so long as the program remains funded.
After a motion and a second the Court unanimously approved the resolution to accept the TVA funds.
