Lee County Industrial Development Authority Meeting Additional Highlights

Among other approvals made by the Lee County Industrial Development Authority board was the Synergy Biofuels Loan Modification Agreement extending the maturity date of the original loan to January 2023, with the elimination of the required annual payment, the request by Powell Valley Electric Company for installation of a power pole on the Constitutional Oaks Industrial Parks property for electric service to an existing water tank source. Additionally the approval of payment in the amount of $133,567.33 to DUCO Construction, LLC for work on the Dryden Building.
The IDA also approved a letter of support in favor of House Bill 665 and Senate Bill 378. The Bills will reinstate the Coalfield Employment Enhancement Tax Credit for metallurgical coal mined in the Commonwealth of Virginia. This Senate Bill is identical to House Bill 665, the credit expired on July 1, 2016 and could now be earned on and after January 1, 2018 but before January 1, 2023. Currently the Bill has been adjourned without assigning a day for a future hearing or meeting.
Absent from the last meeting were Chairman Greg Edwards, Liz Myers and Vice Chairman Paul Johnson. Board members that attended were Wayne Bonham, AJ Hatmaker, Chad Hines and Roger Sumpter. Hatmaker was appointed as temporary Chairman for the meeting.
The Lee County Industrial Development Authority adjourned until their next meeting scheduled for June 7th, 2018 at six p.m. in the Lee County Courthouse Conference Room located in Jonesville.

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