Development Authority Signs Bond Agreement

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Development Authority Signs Bond Agreement

In a called meeting this morning, The Pickens County Industrial Development Authority approved a resolution and intergovernmental agreement to back a bond for Jasper company Restaurant Interiors Inc (RI). The company recently moved to the old HD Lee Plant Building on Holly Street behind the middle school due to expansion. Currently, RI is under a temporary lease, but seeks to expand it into a long-term contract. Negotiations have recently brought the issue to the county.

Earlier this month during a board of commissioners work session, Commission Chair Robert Jones commented on the opportunity the company brings to the community.

“Business for them is booming and they are trying to put people to work, but (the company needed) more floor space,”

Jones said. RI has already demonstrated its capacity for growth, starting with 10 to 15 employees and growing to seventy-three. Further, the company is expected to soon employ over 100 employees. RI’s Chief Financial Officer Allan May says the company’s expected revenue for this year is between nine and 12 million dollars. He also reports January’s revenue was $750,000. The company is expected to bring $2 million in payroll for the community, May says. Also, RI boasts 80 percent of its employees were previously unemployed.

According to County Attorney Philip Landrum III, the lender Community Bank of Pickens County requires the county to back the bond for the building. The move also requires the Industrial Development Authority to sign an intergovernmental agreement with the county. During a February 13th called meeting, the board of commissioners voted unanimously to move forward with the process. The board is expected to vote on the resolution and intergovernmental agreement with the development authority during its regular meeting on Thursday, February twenty-first.

During the development authority board meeting this morning, the authority voted on a resolution to enter into the bond, in addition to voting to sign its part of the intergovernmental agreement. Having a quorum, the board voted on both measures unanimously.

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