The EDA 2

On June 26th, the Loudon County commission adopted the 23-24 fiscal budget. Included in that budget was funding for the Loudon County Economic Development Agency. Also included in the vote was a letter to the EDA that Loudon County would be withdrawing from the EDA in two years, which is the county's right under the interlocal agreement.

Below is a copy of the letter sent to all particulars.


Buddy Bradshaw, County Mayor

Tony R. Aikens Mayor of Lenoir City

Riley Wampler, County Clerk

James W. Wilburn, III Lenoir City Recorder-Treasurer

Jeff Harris, Mayor City of Loudon

Melissa Huskin Loudon City Recorder/Finance

Gentlemen and Ms. Huskin:

As you know, Loudon County, Tennessee, the City of Lenoir City, and the City of Loudon are parties to an Interlocal Government Agreement ("the Agreement") Supporting the Loudon County Economic Development Agency ("EDA"). Section 8 of the Agreement states:

8. DURATION: This agreement shall continue from and after the date hereof, except that by mutual agreement of all of the parties hereto, this agreement may be terminated at any time. In addition, after three years from the date of the agreement’s execution, any party to the agreement may in writing, at least two years prior to a proposed withdrawal date established in the notice, withdraw from the agreement. If only one party elects to withdraw under the provisions of this agreement, such party shall not be entitled to reimbursement or distribution of the withdrawing party’s share of any assets the Agency may have accumulated. If two parties withdraw, dissolution shall proceed as provided in section 9 therein. (emphasis added).

On June 26, 2023, the Loudon County Board of Commissioners voted to withdraw from this Agreement in two years. The withdrawal is effective as of August 1, 2025 (the "Proposed Withdrawal Date"). This letter is your notice of the proposed withdrawal date.

Sincerely,
Henry Cullen
Chairman of the Loudon County
Board of Commissioners

cc: Jack Qualls
7698 Creekwood Park Blvd.
Lenoir City, TN 37771


1st District commissioner, Chase Randolph, will be heading a committee to work with Lenoir City and Loudon City to try to work out details to avoid the county's need to withdrawal. The first meeting will be later next month.

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7/31/23