KINGSPORT, Tenn. (WJHL) — Four dozen new jobs could be coming to Kingsport, but the details remain under wraps for now.
The Kingsport Board of Mayor and Aldermen approved a resolution Tuesday night authorizing the Industrial Development Board to negotiate a payment in lieu of taxes agreement, or PILOT, with an unnamed local company to expand its operations.
Under what has been dubbed “Project Cookie,” the company would invest $3.4 million to create a new production line and add 48 jobs, according to the resolution. There is also the possibility of another expansion project in the near future.
The PILOT agreement would result in $104,835 in savings for the company over seven years through a reduction in its tax liability.
Officials from the state and NETWORKS Sullivan Partnership have been working with the company to incentivize the proposed expansion. According to the resolution, the Tennessee Department of Economic and Community Development plans to provide $120,000 in training incentives.
Mayor Pat Shull said the specifics of “Project Cookie” cannot be released yet due to laws regarding privacy and business transactions.
“But the board is aware of who we are dealing with and everything is being made public at an appropriate time,” Shull said during the meeting.
Shull told News Channel 11 that the company has locations outside of Kingsport, but picked the Model City for the expansion.
The company has a 10-plus year history in Kingsport and has invested more than $20 million into its local operations, according to the resolution.
The mayor said that based on the company’s reputation, he is confident “Project Cookie” will come to fruition.