Incentives
Aside from the community, location, and size, Crockett County has many other incentives for Businesses and Industry. For more information about incentives, please contact us.
Financing Available to Industry
Financing of industrial projects in West Tennessee communities is an important factor in attracting new firms to the area and encouraging existing firms to expand. Local communities and the West Tennessee Industrial Association can suggest a plan suitable for most projects.
Financing can be obtained from area financial institutions or application for funding can be made to one of several federal loan agencies. In addition, the Tennessee Legislature has authorized three specific plans for financing. Many West Tennessee industrial plants have been financed in whole or part by these methods. Copies of the Legislative Acts authorizing the following plans are available from the West Tennessee Industrial Association.
PLAN 1
AUTHORIZES LOCAL REVENUE BONDS FOR INDUSTRIAL PLANTS, LAND, AND CERTAIN TYPES OF PLANT EQUIPMENT.
This plan authorizes Tennessee cities and counties to issue Revenue Bonds to finance the construction or purchase of industrial buildings for lease to private industrial concerns. Such buildings are leased on terms which provide for the retirement of the principal and payment of the interest. The bond issue must receive the approval of a three-fourths majority of those voting in the public referendum on the issue and the interest on the bonds cannot exceed ten percent.
These bonds are exempt from State, county and municipal taxation except inheritance, transfer and estate taxes. The Tennessee Supreme Court has held that industrial buildings may include fixtures, machinery, etc. that are permanently attached to the building.
This plan is authorized by the Industrial Revenue Bond Act of 1951.
PLAN 2
AUTHORIZES THE FORMATION OF PUBLIC INDUSTRIAL DEVELOPMENT CORPORATIONS FOR INDUSTRIAL FINANCING.
This plan authorizes the cities and counties to establish a public industrial development corporation to acquire and dispose of properties and buildings to private industrial concerns. The corporation may issue bonds payable from the revenues received from the leasing or sale of industrial property. These bonds do not require a public referendum, and interest cannot exceed ten percent.
These industrial development corporations also may pledge the full faith and credit of the city or county provided they receive a Certificate of Public Purpose and Necessity issued by the State Building Finance Committee as described in Plan Ill, and the approval of a three-fourths majority of those voting in a public referendum on the issue.
Those local industrial development corporations must obtain charters of incorporation from the State Secretary of State and operate as an independent organization working in conjunction with the city or county.
This plan is authorized by the Industrial Development Corporations Act of 1955.
PLAN 3
AUTHORIZES FULL FAITH AND CREDIT BONDS TO PURCHASE LAND AND/OR CONSTRUCT INDUSTRIAL BUILDINGS.
This plan authorizes cities and counties to issue full faith and credit bonds for the purpose of financing the purchase or construction of industrial buildings for lease to private industrial concerns.
The rental income from industrial buildings must be pledged to the full retirement of the bonds. The bonds may not be issued for a term of more than forty years or have an interest rate in excess of ten percent, and must be approved by a three-fourths majority of those voting in a public referendum. In order to issue these bonds the city or county must receive a Certificate of Public Purpose and Necessity from the State Building Finance Committee. The committee serves as a screening board and must determine that sufficient resources and labor are available and that the total amount of the indebtedness will not exceed ten percent of the assessed valuation of the city or county. The committee must also determine that the project is well conceived, has a reasonable chance of success, will provide proper economic development and employment, and will not become a burden upon local taxpayers.
This plan is authorized by the Industrial Building Bond Act of 1955.
Financing can be obtained from area financial institutions or application for funding can be made to one of several federal loan agencies. In addition, the Tennessee Legislature has authorized three specific plans for financing. Many West Tennessee industrial plants have been financed in whole or part by these methods. Copies of the Legislative Acts authorizing the following plans are available from the West Tennessee Industrial Association.
PLAN 1
AUTHORIZES LOCAL REVENUE BONDS FOR INDUSTRIAL PLANTS, LAND, AND CERTAIN TYPES OF PLANT EQUIPMENT.
This plan authorizes Tennessee cities and counties to issue Revenue Bonds to finance the construction or purchase of industrial buildings for lease to private industrial concerns. Such buildings are leased on terms which provide for the retirement of the principal and payment of the interest. The bond issue must receive the approval of a three-fourths majority of those voting in the public referendum on the issue and the interest on the bonds cannot exceed ten percent.
These bonds are exempt from State, county and municipal taxation except inheritance, transfer and estate taxes. The Tennessee Supreme Court has held that industrial buildings may include fixtures, machinery, etc. that are permanently attached to the building.
This plan is authorized by the Industrial Revenue Bond Act of 1951.
PLAN 2
AUTHORIZES THE FORMATION OF PUBLIC INDUSTRIAL DEVELOPMENT CORPORATIONS FOR INDUSTRIAL FINANCING.
This plan authorizes the cities and counties to establish a public industrial development corporation to acquire and dispose of properties and buildings to private industrial concerns. The corporation may issue bonds payable from the revenues received from the leasing or sale of industrial property. These bonds do not require a public referendum, and interest cannot exceed ten percent.
These industrial development corporations also may pledge the full faith and credit of the city or county provided they receive a Certificate of Public Purpose and Necessity issued by the State Building Finance Committee as described in Plan Ill, and the approval of a three-fourths majority of those voting in a public referendum on the issue.
Those local industrial development corporations must obtain charters of incorporation from the State Secretary of State and operate as an independent organization working in conjunction with the city or county.
This plan is authorized by the Industrial Development Corporations Act of 1955.
PLAN 3
AUTHORIZES FULL FAITH AND CREDIT BONDS TO PURCHASE LAND AND/OR CONSTRUCT INDUSTRIAL BUILDINGS.
This plan authorizes cities and counties to issue full faith and credit bonds for the purpose of financing the purchase or construction of industrial buildings for lease to private industrial concerns.
The rental income from industrial buildings must be pledged to the full retirement of the bonds. The bonds may not be issued for a term of more than forty years or have an interest rate in excess of ten percent, and must be approved by a three-fourths majority of those voting in a public referendum. In order to issue these bonds the city or county must receive a Certificate of Public Purpose and Necessity from the State Building Finance Committee. The committee serves as a screening board and must determine that sufficient resources and labor are available and that the total amount of the indebtedness will not exceed ten percent of the assessed valuation of the city or county. The committee must also determine that the project is well conceived, has a reasonable chance of success, will provide proper economic development and employment, and will not become a burden upon local taxpayers.
This plan is authorized by the Industrial Building Bond Act of 1955.