Updated 1/22/20

A payment in lieu of taxes agreement (PILOT), form has been recommended by the Pulaski-Giles County Industrial Development Board (IDB), and one of the first recipients is Adient, in Pulaski.

The pilot agreement details a $1,000 application fee and should be sent to the Pulaski-Giles County Industrial Development Board.

The PILOT form will specify Adient needs to file an annual report with the State Board of Equalization, and that the Tangible Personal Property Schedule is to be returned to the county tax assessor by March 1st each year.

Before the PILOT agreement is final, the company and the IDB will agree on maintaining a minimum number of full-time jobs.

If the minimum number of agreed on jobs is not met for any year, the IDB may cancel or revise the agreement.

Companies are asked to provide certain financial information, and the PILOT is final when the company agrees.

The latest PILOT approved with Adient is for an approximately $17 million project cost with an approximate $5.7 million building and $10.7 million personal property cost.

The tax abatement on building expansion will be 100 percent the first year and drop 20 percent each year until the sixth year when the PILOT ends.

Adient will continue paying taxes on equipment, and part of that money will go to the Giles County Schools.