“Project Pipe” set to move forward
The Pocatello Development Authority is moving forward with its “Project Pipe” after deciding on a nearly six million dollar bank loan on Tuesday afternoon.
When we first broke this story on Wednesday, all that was left, was for the PDA to decide how much it needed to borrow.
On Tuesday afternoon, the board members decided between Citizens Community and D.L. Evans banks, and finally decided Citizens Community would be more beneficial for the taxpayers and went with the low bidder in order for the board to borrow the $5.75 million it needed to get started on building the infrastructure.
PDA chairman Michael Orr said the new infrastructure is necessary in order to attract big companies.
“This will allow the city to move forward with some upgrades at the airport that we are doing, not for Project Pipe, but because of Project Pipe,” Orr said. “There has been maintenance that has been long overdue out there.”
This week the Idaho Department of Commerce’s Economic Advisory Council chairman motioned to approve the Tax Reimbursement Incentive for Project Pipe, listing the following terms: An 18% tax credit for nine years; no less than 80 new jobs, or 60% of the projected new jobs, whichever is greater; annual average wages of these jobs have to exceed the average county wage of $37,456; and the company must maintain the required jobs for the nine-year term of the incentive agreement.
You can read the full report here:http://commerce.idaho.gov/approved-tri-projects
PDA board members said there are some on the board who don’t know the name of the company set to move in. Those who do know are playing their cards close to their chest because they said, there have been times in the past where the name of the company has leaked, causing the company to opt-out of moving in.
