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land upon which the project is installed.” The real property on which the farm is to be located is owned by an LLC.
Wheeler County Attorney Perry Avery said the project is being “sold” by the company to the Development Authority, which shall then lease back the project to the company in a “bond lease” arrangement. With respect to personal property, the company will receive an ad valorem property tax abatement over a 17-year term. In lieu of taxes the company will make an annual payment to the County.
The Wheeler County Development Authority and Wheeler County Commission signed the agreement last week. With the closing of the bond issuance, which will protect the county’s interests, the project is expected to commence on or before December 31, 2025.
Proceeds from the project are expected to earn the county almost $4.5 million in the next 17 years, benefiting both the County and School District coffers.
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