White County Board of Commissioners has voted 8-4 to loan Jackson Kayak $300,000 from the Industrial Loan Fund.
Four out of 12 commissioners who were present at the July 17 meeting opposed the 4 percent interest rate the Industrial Development Board approved for the loan to Jackson Kayak. Commissioner Derrick Hutchings (District 6) said that an interest rate of 6 percent would be more appropriate, given the current 8.5 percent Prime Rate. County Executive Denny Wayne Robinson said the expansion would add approximately 17 new jobs at the Sparta facility, and the loan is only part of a more significant deal for the project, with another party loaning an additional $350,000 at 6 percent and Jackson Kayak providing the remaining funds.
Commissioners Hutchings, Larry Daniels (District 7), Becky Golden (District 3), and Chris Brewington (District 1) voted for an amendment to the proposal brought by Hutchings to change the interest rate to 6 percent, but the amendment did not pass. The same four commissioners then voted against the original proposal. Jackson Kayak will use the loan to purchase a new Rotomold oven to support existing and new contracts.
In other business, commissioners:
Twelve out of 14 commissioners were in attendance: Cain Rogers (District 1), Chris Brewington (District 1), T.K. Austin (District 2), Robert McCormick (District 3), Becky Golden (District 3), Lanny Selby (District 4), Dakota White (District 4), Jordan Cocke (District 5), Roger Mason (District 6), Derrick Hutchings (District 6), Kyle Goff (District 7), and Larry Daniels (District 7),
Commissioners David Cranford (District 2) and Thomas Margeson (District 5) were absent.
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