County Approves Bond Deal with Development Authority

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Pickens County agreed to back a 1.2 million dollar bond last night. During last night’s monthly meeting, the Pickens County Board of Commissioners approved an intergovernmental agreement with the development authority and a resolution to back a bond to help Restaurant Interiors inc. to move into the old Lee Plant building on Holly Drive. The Industrial Development Authority has $200,000 in case the company defaults on the loan for the building. This would provide payment on the building until the authority can find a new tenant, in the event of a default. However, if these funds are exhausted the county may levy a 1 mil on taxpayers to pay for the bond. County Attorney Philip Landrum III, though, said the chances of this happening are minimal. Restaurant Interiors Inc. has experienced aggressive growth recently, starting with 10 to 15 employees and now employing over 70 workers and anticipates adding 30 more in the coming months.

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