By GAGE WILSON
for Glasgow News 1
During the Oct. 27 Glasgow Common Council meeting, members discussed a budget amendment, rezoning several pieces of Glasgow property and an inducement resolution to issue bonds up to $75 million for Tate, Inc.
A resolution for the city to begin the issuance of bonds to encourage the city’s newest manufacturer, Tate Inc., which was mentioned during the Industry Awards banquet and officially announced later by the governor’s office, was the main focus of Monday’s meeting.
The measure would allow the city to issue up to $75 million in industrial building revenue bonds, a form of financing often used to support large-scale development. While the city’s name appears on the bonds, the funds would actually come from private investors who purchase them once they’re offered for sale. Those investors provide the upfront capital, which Tate, Inc. repays over time.
By acting as a middleman, the city can make the bonds tax-exempt, allowing the company to access lower interest rates thus, making the project more affordable overall.
Mayor Henry Royse gave the floor to the CEO of Barren Inc., Maureen Carpenter. She explained that the bonds term would be 20 years, in line with what is typical of her organization.
“One thing that sticks out in my mind,” said councilman Randy Wilkinson, “I was expecting this to be 2027, 2029, but you said they [Tate] are about ready to start hiring in January.”
“Yes…. With the inducement resolution, we do that in advance of the agreements because it starts the pocket funding so they can order the equipment and close on the property,” Carpenter said. “So this is the next stage, after that will be the lease agreement and the PILOT agreement.” PILOT being an acronym for “Payment in lieu of taxes,” in this context.
“This gets that clock starting, gets them spending money and then in 2026 they plan to start hiring,” she explained. “This is a very big asset to our city.”
Council members also conducted a first reading regarding a proposed budget amendment that would have a twofold effect; the first would move $24,500 from the city’s general fund to the police department, with a majority of that amount going to the proper outfitting of new officers on the force. It was noted that the police department has now reached its full allotment with 37 officers patrolling or about to be patrolling the city, according to chief Guy Howie. The second would move nearly $12,000 to the fire department to be used for “high-pressure lifting bags,” which are inflatable devices primarily used to lift vehicles and other obstructions responders commonly contend with.
Council members then poised themselves for two separate ordinances dealing with the rezoning of properties along West Main Street and West Cherry Street.
According to the ordinances, properties listed would be rezoned as business districts, with the properties along West Main being changed to a B-2 classification and those along West Cherry being changed to a B-3 classification. Joint City County Planning and Zoning director Kevin Myatt explained that the changes stemmed from a place of easing the constriction that came from the area’s prior zoning.
“With industrial zoning, those [property] setbacks are great,” he said. “Typically with manufacturing zoning you see large uses, like big trucks, they were miszoned when they were built there, of course that was when the bypass was being built and a lot of our industrial area was there.” Myatt went on to explain that these changes would aid in commercial use and allow businesses to make better use of their properties.
The areas rezoned along West Main are lots 909, 911, 913 and 915 amounting to around 7.5 acres, with the other being an 8 acre plot at 629 W. Cherry St.
Weaved into this discussion was a first reading of an ordinance codifying the city’s zoning language. “The language in the text there relates to data centers,” Myatt said. “It’s just protection for the city and citizens.” He added that the language does not ban or outlaw them, but merely puts them “into the board of adjustments realm.”
The council unanimously voted in favor of all items discussed. The council is expected to reconvene at its next regular session scheduled for Nov. 10.
