Lebanon City Council Meets Monday Night

The Lebanon City Council heard a presentation from Gilmore and Bell about a proposed Chapter 100 Bonds Project for one of Lebanon’s manufacturers on Monday night. Carmeco Incorporated asked the city to issue its Taxable Industrial Development Revenue Bonds. David Martin of Gilmore and Bell explained the abatement plan which includes the city taking title to the property and the company leases it from the city over a 10-year period. The agreement will bring in the existing site, 2 separate buildings, and an expansion of 60-thousand square feet and equipment that will be located in the expansion.. The abatement will freeze tax liability, which will increase by 1.03 percent a year.

The tax abatement will be on the expansion project which has a price tag of $6.6 million, with an approximate $450-thousand property tax abatement, the company is bringing in around $3.8-million worth of equipment. The company will be required to bring in at least 15 new jobs. Councilman Ken Eldridge expressed concern about the company being able to fill the positions because of the job market….

As to a completion date of the project, Carmeco has already started bringing in equipment and the expansion could be complete this fall.

In other business, Lebanon City Council approved the final plat of the Bobby Dale Subdivision, which is located at 2600 South Highway 5, and council approved the rental of city owned property by Ozark Fiber.