Fiscal Court Recap

Wayne County Fiscal Court met last night (Thursday) and approved a resolution authorizing the Industrial Development Authority to purchase 25 acres of property as a future industrial park site. The resolution also authorizes the organization to retain an option to purchase an additional 10 adjacent acres at a later date.
Wayne County Judge-Executive Mike Anderson noted that the Industrial Development Authority has received approximately $153,000 in money paid by TVA to the state in lieu of taxes. The money is divided among
39 different counties and can only be used for economic development.
The property—which is located on Highway 1275 and is in close proximity to KY 90—will be purchased using the TVA funds from this year and next year, when the county will receive another $153,000.
Anderson noted that the property, which will be purchased from the Franklin Group, has recently been appraised for $782,000.
He indicated the next step would be to explore the costs of developing the site for potential industrial growth. At this time, the local industrial authority does not own any property or buildings that could be used for a new industry.
Also during the meeting, the court approved a resolution that authorizes Anderson to explore the possibility of selling Community Telecom Services. The cable and internet company as jointly owned by city and county government and the city would have to approve the resolution before it can move forward.
Anderson expressed a concern about the financial future of CTS, since there are other potential internet providers that have proposed bringing higher speed internet into the community. He said this step will begin the process and allow them to find someone knowledge with the cable business to assess the system’s value.
Anderson pointed to the fact that the city and county owe about $1.4 million on the cable system. Any action regarding the system itself would require proposals to come back to the fiscal court and city council for approval.