Words by Jenny Lynn Davis | Image by Al Blanton
During the April 4 meeting of the Jasper City Council, City Attorney Russ Robertson provided the following information regarding economic development assistance for Overland Development, LLC – the company set to bring three nationally known brands to the city.
“Pertaining to the application for economic development assistance filed by Overland Development, LLC, concerning the property formerly known as Crump Nissan at 3101 Highway 78 East, we have prepared an agreement as follows: A rebate of a portion of the sales taxes, specifically 1.8% of the total 3.5% tax bill, that is capped both in time at seven years, and in amount at 1.6 (million), whichever comes first.
If they don’t generate enough revenue to meet it within the seven years, it’s over, or if they meet the 1.6 (million) cap before the seven years is up, the rebate ends. Otherwise, the agreement is the standard agreement we’ve used with most other developments, with the condition that the developer will covenant with us that they will do all the work in a non-discriminatory way and abide by the requisite laws. If they don’t generate any new sales tax funds, then there is no cost to the city. It’s a risk-free proposition from the city’s perspective, and it will hopefully be very profitable for everyone.”
A public hearing was conducted for citizens to provide feedback during the meeting, but no citizens delivered any remarks. Following the public hearing, council members voted unanimously, authorizing Mayor O’Mary to execute the agreement to provide economic development assistance to Overland Development, LLC. WL