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The original item was published from 5/11/2020 11:55:35 AM to 5/20/2020 11:05:05 AM.

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Posted on: May 11, 2020

[ARCHIVED] Public Notice - Special Meeting of the Industrial Development Board

Dogwood Park Fountain

PUBLIC NOTICE

THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF COOKEVILLE TENNESSEE

NOTICE IS HEREBY GIVEN to all residents of Cookeville, Tennessee and to all persons interested, that a Special Meeting of the Industrial Development Board of the City of Cookeville Tennessee (the “IDB”) shall be held on Wednesday, May 20, 2020 at 10:00 AM.

NOTICE IS FURTHER HEREBY GIVEN that, pursuant to Executive Orders No. 16, 23 & 24 issued by the Governor of Tennessee, all governing bodies should meet by electronic means if the governing body determines that meeting electronically is necessary to protect the health, safety and welfare of Tennesseans in light of the COVID-19 outbreak.

NOTICE IS FURTHER HEREBY GIVEN that  the governing body, the IDB, has determined that this meeting will be held by electronic means only because of the necessity to protect the health, safety and welfare of all Tennesseans as well as all interested persons in light of the COVID-19 pandemic.

NOTICE IS FURTHER HEREBY GIVEN that live electronic access to the public during the meeting shall be available via Zoom audio and video. The electronic meeting will be recorded via audio or video recording and copies of the meeting will be made available within two (2) business days after the meeting.

To access the meeting, please call (931) 526-2211 or email Stephen Crook at scrook@highlandsoftn.com and an email will be sent to you with access instructions. Anyone person interested in accessing the meeting via Zoom should familiarize themself with the Zoom App in advance of the meeting.

NOTICE IS FURTHER HEREBY GIVEN that the purpose of the special Meeting to be held on Wednesday, May 20, 2020 at 10:00 AM, shall be to consider a tax incentive proposal between the Industrial Development Board of the City of Cookeville, Tennessee (the “Lessor”) and Royal Appliance Mfg. Co., (the “Lessee”), successor in interest to Oreck Manufacturing.  Such proposal shall be for the purpose of: (1) setting forth the possible tax incentives available to, and obligations required of  Lessee resulting from a proposed amendment to the existing real property Lease dated December  20, 2007 between Lessor and Lessee’s predecessor, which amendment will require an additional expenditure by Lessee of approximately $8,000,000.00 in capital improvements to the leased real property and extending the term of the original real property Lease by three (3) years; (2) for the additional purpose of authorizing a proposal setting forth possible personal  property tax incentives available to, and obligations required of Lessee resulting from a proposed new ten (10) year Personal Property Lease which will require the employment of 325 new employees, and require Lessee to acquire approximately $12,000,000.00 in new equipment and personal property for use at  the Cookeville location; (3) considering appropriate “claw-back” provisions in the event of nonconformance by the Lessee; and (4) consider all additional matters which may properly be considered at meetings of The Industrial Development Board of the City of Cookeville Tennessee.

The tax incentive proposal shall be subject to the negotiation and execution of definitive documents and shall be further subject to the approval of the Comptroller of the Treasury for Tennessee and the Tennessee Commissioner of Economic Development, and final approval by the IDB.

NOTICE IS FURTHER HEREBY GIVEN that at the Special Meeting there shall also be held a PUBLIC HEARING to provide members of the public an opportunity to be heard concerning the matters to be considered.

                                                                                                Robert R. Bell, Chairman

                                                                                                The Industrial Development Board

                                                                                                Of the City of Cookeville, Tennessee

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