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Revenue Sharing Agreement Reached Between Local Development Authorities

 

After close to seven months of negotiation, the Rome Floyd County Development Authority and the Development Authority of Floyd County have reached an agreement to share Payment in Lieu of Taxes receipts. Brinson Askew Berry attorney Andy Davis represented the Rome Floyd County Development Authority (RFDA). Until this agreement, the RFDA was the recipient of all PILOT funds. Those payments are frequently part of bond deals to finance new industries coming to Rome or the expansion of existing industries. The new companies, or expanding local companies, usually make a payment instead of normal property taxes for a specified period of time. The deal calls for those funds to be evenly split, beginning with the 2013 International Paper project.