Tuesday, April 10, 2012

Oconee, Clarke Memo of Understanding with Caterpillar Provides Tax Reduction Details, Penalties for Company Nonperformance

Phantom Bonds Issued

The Oconee County Industrial Development Authority, in partnership with the Development Authority of Athens-Clarke County, has bought the 265 acres that will be used by Caterpillar for its new plant and will build the roads and other infrastructure for the plant.

To raise money to pay its part of these costs, Oconee County sold $10.4 million in general revenue bonds on Feb. 23.

The county is required to pay off the bonds by March 1, 2034, increasing property taxes for that purpose if necessary.