By Jim Talbert
Tazewell, Va. – A $million loan will keep the doors open at a Tazewell County business.
During an Emergency meeting Feb. 28 the Tazewell County Industrial Development Authority voted to moved take the second position on a deed of trust on the (PBE), Pyott Boone Building and property on Witten’s Mill Road.
The first position will now be taken by a bank that is giving the company a $million line of credit to use as working capital. In exchange for moving down one spot on the list of creditors, the county will receive the second position on the lien against the company’s inventory and receivables.
PBE will also pay the county $100,000 cash and that amount will be taken off the $580,000 the company has owed the county since 2015. The company had entered into an agreement with the IDA to have payments on that loan held as long as they maintained certain employment levels.
That agreement was scheduled to end in July and the company was to start paying the county $5,000 a month. County Administrator Eric Young said the company had a new project and needed working capital quickly.
That necessitated the IDA calling an emergency meeting to discuss the agreement. It was approved on the votes of Darrel Addison, Curtis Breeding, Ann Robinson and Mac Payne. IDA Chairman Kyle Hurt was absent and member Melanie Proddy-Lawrence participated in part of the closed session discussion but was not on the phone to vote when the board returned to open session.
PBE’s board of directors was scheduled to meet that same day in Sydney Australia where the company is headquartered and was scheduled to take up the matter. IDA Vice Chairman Darrel Addison signed the memorandum of understanding following the meeting and it was forwarded to PBE.
PBE currently employs around 90 people at the facility at Witten’s Mill.