IDA discusses use of TVA funds

Posted October 13, 2020 at 12:36 pm

The Clinton County Industrial Development Authority held a special Zoom meeting last Tuesday morning with all members present, as well as IDA Director April Speck, attorney Gary Little, and Aaron Jones with the Department of Local Government (DLG).

The purpose of the meeting was to gain information and discuss possible uses of TVA funding, which had been announced as being received earlier by Clinton County Judge/Executive Ricky Craig.

The Clinton Fiscal Court voted to pass a resolution joining with the IDA for use of those funds.

Attorney Little started the meeting, giving some information to the CCIDA regarding the TVA (Tennessee Valley Authority) funds and the owner of the funds.

Jones stated Clinton County had received $307,692.00 from TVA funding that has accumulated from fiscal years 2019 and 2020. He explained the IDA and fiscal court can work together to strategically plan for the best use of those funds. He also noted Regional Development Agency Assistance Program (RDAAP) is what the TVA is commonly referred to.

The RDAAP was established in 2018 by the Kentucky legislature through Senate Bill 9 and House Bill 114 as a means of disbursing TVA in-lieu-of tax revenue to Kentucky counties that have TVA property.

In 2018, $2 million was disbursed throughout the state. In fiscal year 2020, $4 million will be available then each fiscal year after that, $6 million will be available.

The payment to each county, city, and school district is determined by the book value of the TVA property in each taxing district, multiplied by the current tax rate.

Jones stated the fiscal court oversees the funds and the Industrial Authority will administer the funding as a partnership collectively. He further stated the funding is used for economic development and the ultimate decision is made by the DLG on approved projects.

The board was in unanimous agreement to work cooperatively with the fiscal court for the RDAAP/TVA funds.

IDA Chairman Jarred Witham noted he was excited for the opportunity to work on this project in collaboration with the fiscal court and holds the best interest of Clinton County in mind.

IDA Director Speck said, “I am proud to work together with our local county leaders with the RDAAP opportunity. I have spoken with a couple of county officials, just brainstorming ideas.

“I have full confidence the CCIDA and Clinton County Fiscal Court will use the funds for the overall best interest of our county.”

She also noted that if folks have suggestions, she would like to hear your input. You can contact her at 606-387-5512.