Lenoir City negotiates to keep Yale Locks

6:46 PM, Apr 2, 2012   |    comments
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Lenoir City City Council unanimously passed a proposal to offer Yale Lock's parent company a deal to keep operations Monday morning.

The mayor says they plan to pass the offer along to the company.  However, for it to be a valid offer, County Commission must pass a concurrent resolution Monday at their meeting at 6:00 p.m.

Estelle Herron, London County Mayor, attended Monday morning's meeting. She says she's unsure how the vote will go Monday night.  But she plans to put it before the commission.

She says there may be concerns from commissioners about setting a precedent and whether the plan will have any effect.

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The Lenoir City City Council will soon take up discussion to offer Yale Locks a deal.

The lock manufacturer's parent company, Assa Alboy of Sweden, announced Friday it will close the Lenoir City plant

The company announced they will consolidate their Lenoir City manufacturing operation with current operations in Connecticut.

According to the proposed agenda, the council plans to discuss offering the Swedish company a 100 percent 10 year tax abatement in exchange for staying in Lenoir City.

They estimate the value to be more than 1 million.

In lieu of taxes, the council proposes taking ownership of the property in the Fort London Industrial Park and leasing it to Yale Lock for a to-be-determined amount.

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