Friday, August 10, 2007

Officials Request Funding For Industrial Spec Building

   Lawrence County and City of Lawrenceburg leaders have requested funding be built into the budgets of both governments for the construction of an industrial spec building.

   The requests were submitted by Lawrence County Executive Paul Rosson and Lawrenceburg Mayor Keith Durham. They are requesting the funding for construction of a building inside the North Lawrence Industrial Park, in the hopes of attracting industry to the now-vacant area.

   The plan calls for the construction of a 40,000 to 50,000 square foot building through the procurement of an interest-only note. The county and city would share the cost of constructing the building, estimated to cost some $1.2 million. They would then pay only interest payments until such time that the building was sold or leased.

   The plan is based upon similar projects undertaken in neighboring Giles County. Giles officials have successfully constructed spec buildings that have allowed them to entice new industries into the county.

   Should the plan gain approval, the city’s portion of the project would be funded through the sale of city-owned properties. County funding, officials indicate, would come through existing hotel-motel tax appropriations.

   Officials indicate that the project would be managed through the Joint Economic and Community Development Board.

   City officials are currently working to secure grant funds to help increase infrastructure supporting the industrial park. This, they indicate, would be an added attraction for any potential industrial residents.

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