IDA to purchase TMD Friction building
, Staff Writer
03-12-2010
If all goes well, Pulaski County Industrial Development Authority will become the new owner of the TMD Friction industrial building come summer.
“We’re in the process of working out a (purchase) agreement” with the company, Pulaski County Administrator Peter Huber said, noting that the purchase should be completed over “the next couple of months.”
Rumors have surfaced this week that the building has been leased. However, Huber said that is not the case.
He pointed out that a local company is interested in leasing it, but there are several other options that company is considering. If the company does decide to lease the TMD building before the purchase is completed, “we’ve got it worked out so we could get them in there right away,” Huber added.
The county originally was considering purchasing the building for use as a Wellness Center. However, Huber said putting money into such a venture in the current budget situation is not justifiable.
State budget cuts have left the Pulaski County School System facing millions of dollars in deficits in the coming fiscal year. That means there is the potential for one middle school to close and as many as 100 teachers and other school employees could lose their jobs.
If the local company does choose to lease the TMD building, Huber said it would need most of the plant, except for some office space. An advantage to the company taking use of the building is that it is only looking for a temporary lease.
That would allow the county to bring in revenue from the lease, but still have the opportunity to turn it into a Wellness Center in the future if economic conditions improve.
In the meantime, the lease revenue could either be used to pay off the building or be put aside for the Wellness Center.
Huber said the expansion project the local company is proposing would provide only about 15 to 20 jobs. However, he noted, “every job counts.”
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