jefferson-fieldhouse

In an effort to encourage further renovations of a recently purchased building in Jefferson, the City Council approved an economic development agreement.

The Council approved at their May 25th meeting an economic development agreement with Sebolt Wrestling Academy for $150,000, ten-year forgivable loan. Sebolt Wrestling recently purchased the Jefferson Fieldhouse from Greene County Youth Athletic Association and will be utilizing the facility for its youth wrestling program. City Administrator Mike Palmer says the City offers this kind of program for the buildings that are in the City’s Urban Renewal Area.

“In this case we use tax increment financing (TIF) to supply the money for this. The owner needs to at first to actually spend the money (or) have it dedicated, and then the money is provided back to them. But it’s a ten-year forgivable loan, meaning or our encouragement is they need to stay there (for) ten years, and it they don’t then we act like a bank and whatever is left on that balance unused is due back to the City at the sale of the property.”

Palmer notes the building will be charged property taxes, whereas before when it was owned by GCYAA it wasn’t being taxed because GCYAA is a non-profit organization. Palmer adds, Sebolt Wrestling will bring in lots of families, which will hopefully drive even more tourism through getting them to eat and shop while they are in Jefferson.