By Charlotte Underwood

LAFOLLETTE, TN (WLAF) – The Campbell County Industrial Development Board (IDB) met Thursday evening with the Gold Creek Foods (photo above) PILOT program the main topic of the agenda. 

Board members approved two resolutions relating to the PILOT (payment in lieu of taxes) program for Gold Creek Foods.

In 2022, the company qualified for seven years of the PILOT program with a graduated property tax payment. For the first two years, the company will not pay property taxes. Beginning with year three, a graduated scale will start with an increase each year until year eight when the company starts to pay full property taxes.

The IDB convened Thursday evening at the LUB Board Room.

To qualify for the PILOT Program, the company had to submit an application that was scored in five areas: job creation, wages, capital investment, location, and residency.

The resolutions approved by the IDB on Thursday related to the legal wording of the lease agreement with Gold Creek Foods and the Industrial Development Board and was basically “establishing it in the manner as recommended by the attorney.”

“Back in November of 2022, we approved to set up a structure for the PILOT program. It is a seven-year program with a percentage scale. What we didn’t know at the time was they (Gold Creek Foods) had financing for their operating company and building and another company financing the equipment,” said IDB Vice Chair Jay Willoughby. According to Willoughby, the development board’s attorney recommended the board pass two resolutions to reflect this.

“Nothing changes, everything is the same, we will just have two PILOTS going at the same percentage set at the seven-year plan for tax allocation,” Willoughby said, explaining that it was “just split into two different entities.”

This was effective January 1, 2024.

Board members also approved the 2024 Gold Creek Acquisition TN, LLC PILOT lease for the real property and the facility. (WLAF NEWS PUBLISHED – 02/16/2024-6AM)