Board extends tax exemptions for Borla, STL10:00 am | April 10, 2013
In the hopes of retaining two local industries — along with nearly 300 jobs — Carter County’s Industrial Development Board approved tax exemptions for each company by five years.
Both companies — Borla Performance Industries and STL Distribution — had expiring Payment In Lieu Of Taxes, or PILOT, agreements, which allow a property owner to pay off a loan without being taxed. With these companies now poised to spend less money, Carter County Tomorrow President Tom Anderson said they would be able to focus on employment and expanding business.
“It’s easier to retain jobs than recruit jobs,” Anderson said. “If they can spend money here, they can spend money anywhere. We can solidify them in the community.”
Though both companies sought the same extensions, each one would yield different results if legally approved.
The Borla facility, which spans 320,000 square feet, has been marketed by Anderson and its owner, Alex Borla, to entice outside businesses to set up in the building.
On Feb. 26, the Festiva Hospitality Group opened a call center inside Borla’s facility, and brought the prospect of 100 new jobs to the county. Anderson said that, without Borla’s accommodations, Festiva may have looked elsewhere.