City Council to vote on new PILOT guidelines

CHATTANOOGA, Tenn. (WDEF)-  The Chattanooga City Council will be voting on a new PILOT program structure.

It was unveiled today by the Chattanooga Chamber of Commerce.

PILOT stands for Payment in Lieu of Taxes, as it is an economic incentive to attract businesses into Chattanooga by giving them certain property tax breaks.

For companies to be eligible under the new guidelines, they will need to create at least a hundred jobs and meet a dollar investment threshold based on their industry.

Vice President of the Chattanooga Chamber of Commerce, Adam Myers, said, “You’re looking to incentivize companies that don’t have to do this project here, but for this incentive, they would go to places like Huntsville, or Charlotte, or Greenville, South Carolina, some of our very common competitors for economic development projects.”

These guidelines will be introduced to the city council Tuesday.