A number of community leaders attended a training session Wednesday evening July 20 on the topic of economic development incentive programs.
Nashville attorney Thomas Trent explains about economic development
incentives to community leaders.
The program was put on by Nashville attorney J. Thomas Trent, partner with the Bradley law firm where he serves as the chairman of the firms economic development practice group. Trent talked about payment in lieu of tax or PILOT programs and tax increment financing or TIF programs.
Trent stressed that incentives do not get the company to come, they help you win when you make it to the short list of locations. He explained that the most important thing was to have sites ready to go and that when a prospect made a decision, they wanted to get buildings built and opened as soon as possible as the company wants to speed into the market.
He added that it was important to find the flattest property and have it tied up so when a company is ready so is the property they need.
The next most important thing according to Trent is having a workforce with the right training. He said that the states Drive to 55 program is currently the most impressive education program in the county. He said it was important to sell to prospects and to local residents.
He also talked about some other incentives that can save small companies money on state franchise and excise taxes based on hiring 25 or more employees and investing at least $500,000. He said all these programs are important especially those that help companies that are already located in a community.
Thomas Trent makes a point during the training.
The meeting was sponsored by the Chamber of Commerce and held at Crossville city hall.