The Carroll County Industrial Service Authority (IDA) and Public Service Authority (PSA) have adopted a water/sewer incentive program for business.

The IDA approved the program at its June 2 meeting and sent it to the PSA, which also approved the program Monday. While neither the IDA nor PSA can provide free water/sewer connections to business, the water/sewer incentive program would allow the IDA to assist the situation by allowing the business to amortise (gradually liquidate) the expense over a period of time with sufficient security.

"Carroll County is working to create opportunities with business in any direction possible. This small incentive will not cost the tax payers money, however it will assist in equalizing the cash flow needs of their business during the critical start-up phase,” Carroll County Administrator Gary Larrowe said. “The expense of water and waste/water is expensive, this method will allow Carroll County to continue the support efforts in developing an Entrepreneurial community with the creation, attraction, retention, and expansion of business."

When PSA water and/or sewer services are available in an area where a business wishes to locate, an application would be submitted to the IDA to explain the need along with contact information and financial situation of the business.

The IDA would review this information within 15 days and give a recommendation that the incentive be granted or not. If granted, a “note” would be signed by the business for repayment of the cost of the water/sewer within 15 months of the point water/sewer services were made available. The first three months of the period will not be billed and therefore the project expenses will be amortised over the next 12 months.

If the incentive is granted, the IDA will make payment to the PSA for the cost of the project within the first three months of the time the water/sewer services are available. The Grantee will be billed over the time period at a rate of Prime plus 1% interest rate over the amortised period of 12 months.

“From time to time small business needs additional incentives to allow them to grow above those currently available,” the water/sewer incentive program for business states. “In some cases, the incentives may seem to be small, however, this may be what allows the proposed business to move forward and allow for investment and employment.”