Cookeville IDB Plans Special Called Meeting To Review Ficosa Agreement

The Cookeville Industrial Development Board scheduled a special called meeting following a request from Ficosa to revisit the company’s payment-in-lieu-of-taxes agreement.

Chair Bob Bell said an attorney representing the group approached the board at its annual meeting Thursday. Bell said the company wants the agreement reviewed to to avoid noncompliance.

“They were for the most part written during a time before COVID when it was a big difference of an economic environment,” Bell said. “Certainly, the labor markets were different, so we are going to be reviewing those kind of things.”

The company did not meet a job threshold requirement which would require a payment. Bell said members will explore an amendment to possibly reduce the amount on February 15th. The original contract was signed in 2016.