Knox County PILOT Financing Procedures

  1. Applicant makes initial inquiry to IDB staff
  2. Applicant reviews proposal with’CountyMayor’s Office/staff
  3. IDB collects application and application fee (IDB Attorney provides estimate of legal expenses; Applicant forwards that amount to IDB Attorney who then deposits the fee into an escrow account)
  4. IDB Staff forwards application to Younger & Associates for analysis to determine the number of years the project qualifies for and the economic impact
  5. Applicant (or staff, if part of an incentive package) secures a letter of support from the’CountyMayor’s office and submits to IDB staff
  6. IDB staff reviews application and analysis by Younger & Associates then prepares a recommendation for PILOT term, PILOT payment amount, and any lease terms
  7. IDB Application Review Committee review
    • Notice of meeting sent to media to publish 7-days in advance of meeting
    • Packet (Application, Younger & Associates analysis, staff recommendation, and’County’Mayor’letter) sent to Committee 7-days in advance of the meeting
    • Committee prepares a recommendation to forward to IDB Board, in the form of minutes from the Application Review meeting
  8. IDB Board review
    • Notice of meeting sent to media to publish 7-days in advance of meeting
    • Packet (Application, Younger & Associates analysis,’County’Mayor’letter, Minutes with Committee recommendation) sent to the Board 7-days in advance of the meeting
    • Staff and IDB Attorney prepare a resolution that includes terms of approval; Board may modify terms at meeting
    • Resolution approving the PILOT is signed by IDB Board Chair
    • If PILOT terms are within approved parameters, then’CountyCommission’review is not required
  9. IDB Attorney and staff prepare Lease Agreement and send to Applicant
  10. Applicant has 120 to sign Lease Agreement
  11. Closing
    • Date specified by Board or 120 Days after distribution by IDB Attorney; must occur prior to December 31st(year end)
    • Fees determined and remitted to IDB Attorney
  12. Closing documents (Lease Memo, Special Warranty Deed) prepares and recorded by IDB Attorney
    • IDB Attorney distributes recorded documents to Applicant, IDB staff, & Property Assessor’s office
    • Applicant distributes recorded documents to State Comptroller
    • IDB Attorney distributes fees to IDB staff for deposit
  13. Improvements Constructed
  14. IDB staff sends request to Lessee for Fiscal Summary of IDB Property; Lesee provides appropriate information to staff
  15. IDB Staff files the Annual Report with the State Board of Equalization, prior to October 1
  16. Shadow assessment by Property Assessor