Council approves amendments to Garrison Industrial Park agreements to add Lot 2 and allow loan payoff

City staff told the Hendersonville City Council on July 2 that the amendments to Garrison Industrial Park’s agreements are designed to accommodate a newly announced expansion (referred to in presentation as Project Crown / JBL expansion) and to allow the fund to pay off an outstanding loan now rather than waiting for a future sale.

Staff explained the city and county originally loaned money to the economic investment fund and hold a mortgage on park property; the outstanding principal owed to each jurisdiction was given in presentation as $460,483.78. Under the revisions, the fund may pay the loan off immediately if it commits to sell parcel(s) to an industrial occupant that meets an 80% threshold required under the original agreement; the amendments also permit adding Lot 2 to the park to accommodate the expansion.

The presenter walked through Project Wheel (the original occupant) and the most recent Project Crown expansion projections; staff said actual investment and job counts for earlier projects exceeded initial projections. Council discussed the amendments and adopted resolutions and covenant modifications by voice vote.

The staff presentation emphasized protections: the interest waiver is conditional on a firm, required commitment to sell to a qualifying industrial user (a “shall” rather than an “if”), and the public hearing under the economic-development statute was held to ensure transparency and statutory compliance.

Council adopted the amendments by voice vote. Staff said they will finalize and record the amended agreements and continue coordinating with the county and the economic investment fund as the Project Crown expansion proceeds.