West Point Council approves tax agreement
Asia Ashley Staff Writer
In a special meeting Monday evening, West Point City Council approved a payment in lieu of taxes agreement with Powertech America.
The agreement is between the West Point Development Authority, Troup County Board of Tax Assessors and Powertech America Inc. and was entered into to provided tax reductions for Powertech in exchange for the company’s agreement in 2008 to locate in West Point.
A $30 million principal amount will be issued to finance certain equipment and property to be used in the automobile transmissions manufacturing plant in an resolution that Powertech will pay certain percentage amounts of the ad valorem tax.
The agreement with Powertech expires in the tax year 2021.
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