With only one vote short of unanimous, the commission voted to extend the company's payment in lieu of taxes agreement for another 10 years. Following the vote, the commissioners gave a standing ovation to company founder Alex Borla.
The company operates out of the former Texas Instruments building in Okolona. In addition to manufacturing state-of-the-art exhaust systems for high performance cars, Borla also serves as a landlord for several other businesses that operate out of the large facility.
Allen Stoner, chief financial officer for Borla, spoke to the commission before the vote. He said the company continues to promote the county's economic development in several ways. These include job growth of 139 skilled positions at Borla and an additional 300 employees working for the tenant companies in the facility.
Stoner said the PILOT provides many important advantages for the operation, including allowing Borla to charge a lower lease rate for the tenant companies and allows Borla to be more proactive in maintaining the 50-year-old building.
Following the vote, Alex Borla thanked the commissioners and said the company's move to Carter County from California 10 years ago "has been an extremely pleasant experience." He thanked the commissioners "for accepting us."
The commission vote was also a victory for the newly reconstituted Carter County Industrial Development Board. This was the first recommendation the board has brought to the commission since it was reorganized in December.
The commission also voted to approve a resolution from the Financial Management and the Budget Committees that called for the county to pass a balanced budget each year and also directed that 50 percent of the unused funds returned to the Fund Balance be reserved for special projects.