Meeting in special session under unusual circumstances Friday morning, Todd County Fiscal Court finalized an inter-local agreement with the City of Guthrie regarding industrial incentives for Novelis.
Magistrates previously approved an ordinance that will allow up to $8.25 million in bonding for buying land and other incentives related to the Novelis project, which will create 125 new jobs and will represent a $300 million investment.
County Attorney Mac Johns says the inter-local agreement approved on final reading Friday designates all new tax revenue associated with Novelis to go toward paying off the bonds.
He says the incentives were necessary to make one of the largest developments in recent Todd County history a reality.
Johns says the bonds sold Thursday and a lower than expected interest rate will mean savings of about a quarter-million dollars.
Magistrate Jimmy Turner is Todd County’s acting judge-executive and Squire Billy Bryant was out of town Friday. The meeting was held in the parking lot of the Todd County Courthouse to reach a quorum, as Magistrate Brent Spurlin returned home from the hospital Thursday following knee replacement surgery and cast his votes from the backseat of a pickup truck.