DATE: September 30, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russ Truell, Assistant City Administrator/CFO
Vernon Gerth, Assistant City Administrator - Community/Economic Development
SUBJECT: .title
*Consideration of Resolution No. 2015-81 entitled, "A Resolution to approve a PILOT (Payment in Lieu of Taxes) Program for the Lampo Group, Incorporated, as requested by the Industrial Development Board of Williamson County, Tennessee (10/13/15 WS)
Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning entering into a PILOT Program for the Lampo Group, Incorporated, related to investment and expansion of their business within the City of Franklin.
Background
The Lampo Group is the financial services company formed by Dave Ramsey that currently employs approximately 450 people in the Franklin/Brentwood area. The company is moving forward with a significant expansion of their operations in Franklin. Specifically, the Lampo Group is looking to consolidate and expand its operations into a campus environment within the Berry Farms development. The Lampo Group campus would be in the southernmost portion (47 acres) of the Reams Fleming tract (the southeast quadrant near the I-65-Peytonsville/Goose Creek interchange). Lampo is looking to add 398 new full-time jobs by 2020 and make a capital investment of at least $50 million.
Through their site selection process, Lampo approached the State of Tennessee, Williamson County, and the City of Franklin about possible development incentives. In response, the City and County jointly proposed local incentives that could be taken to the respective elected bodies (County Commission and BOMA) for consideration. The County has offered and will consider a property tax abatement of approximately 42% of the annual taxes for 10 years. This abatement level would "hold harmless" the amount of prop...
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