The Cadiz-Trigg County Economic Development Commission Thursday morning approved to use Tennessee Valley Authority (TVA) in lieu of tax money to pay down their land note.
Board chairman Hollis Alexander says the action was approved after an executive session during their regular meeting. He adds around $102,000 would be coming in to pay the debt for the land the commission owns in Cadiz.
Alexander notes the land is located behind the Rodeway Inn on Highway 276.
Alexander says the commission has been servicing the debt on the land for quite a while and the funding from the TVA can be utilized to pay it off.
Alexander adds the land is used to try and attract new industries to Cadiz and Trigg County.
Around 85% of industries looking to locate always look for a spec building, which is built on properties for resale when there is not a custom contract.
Alexander tells the News Edge after this payment goes through, the commission will still owe a little over $300,000 for the property.
Additionally, during the meeting, commission members approved the purchase of a new laptop and discussed the upcoming Youth Leadership Day.
