Plans call for Wilson to buy Findlay building from the county
As the Industrial Development Board continues plans to purchase the former Findlay building, board members want to correct a popular misconception.
That misconception is that the county is buying the building to give to Morrison Tool & Fab. According to guidelines established thus far, the county will lease the building to Morrison Tool & Fab owner Ron Wilson — with Wilson ultimately wanting to buy the building from the county.
“He plans to buy the building,” said IDB member Jeff Golden, noting that has been Wilson’s intention from the start, but that the methods of accomplishing that goal are still being negotiated.
The county is eager to help Wilson buy the former Findlay building because his business is one of the few local industries which is thriving. Wilson projects, with expansion, he can add 225 jobs in around three years.
Golden and IDB chairman Joe Hamby also say there is the growing impression that this is the first time the county has helped a privately owned business to such a degree. That is simply not the case.
“This is not unusual at all,” Golden said. “In fact, if you look at most any industry in past history, to my knowledge, we’ve assisted them in some way with financing for them to get their building. And sometimes it’s building and equipment,” he added, which is not the case with Wilson who is buying his own equipment.
“In this case, we’ve got a local industry that’s already here, that’s already employing people and has an opportunity to expand, and we have a vacant building, so we’re just trying to put it together to give him the best deal and the best opportunity we can to give him success, while at the same time, not costing our taxpayers anything,” Golden said.
Figures put together by the state based on Wilson’s planned expansion and eventual hiring of 225 more employees at an average rate of $10 per hour shows substantial benefits for Warren County.
Those benefits include:
• $9.3 million in direct and indirect income generated.
• An estimated additional 150 indirect and support jobs created.
• $881,712 in new state taxes and $86,559 in new local taxes.
Golden and Hamby met with County Executive Kenneth Rogers Friday to discuss potential financing for the venture which may end up utilizing a combination of methods to obtain the $1.4 million the county needs to borrow to buy the Findlay building.
Golden talked about some of the possible choices available to the IDB.
“In addition to the debt that we’ve talked about with the capital outlay notes, there are loans that oftentimes can be made through the Upper Cumberland Development Group, as well as some local area funds, that might be available,” said Golden.
“A community or county such as ours has a loan program up to $500,000 that really has some superb terms and rates on it. We can go up to 15 years at an average composite rate over the 15 years of 1.79 percent interest. That will be better than probably what we’d have to pay on a capital outlay note. That definitely would be one of the first choice avenues for us to pursue.”