Show INDUS industry town votes 26 million for industry elizabethton ELIZABETH TON tenn the me people of the small east tennessee tennesse town of Ellzabeth ton are determined to attract new industry into the community capitalizing on a 1951 state legislative act Elizabeth elizabethton toa ton voters have approved bond issues totaling 26 in three separate dums the money will go for construction st of industrial plants for or lease to private business by a vote of 0 2087 to 17 the community authorized a issue for a nylon plant to be leased to textron inc later they approved another for the same plant the vote was 1457 to 16 the latest vote was 1262 to 6 in favor of 0 a plant to be occupied by paper mills inc ot of bennington N H and the community indicates it is not through yet proposals lor for at least three additional plants representing a total of are being studied and still other industries have applied tor for consideration idea mushrooming the idea of building plants and leasing them Is mushrooming city officials have the full backing ot Elizabeth tons residents but R C turrentine bank president summed up local sentiment this way we want to be careful not to get any fly by night operators the first tirel steps in the series ot of events turning elizabethton Elizabeth ton into a boom town came early in 1951 when the state legislature passed an act authorizing cities to issue revenue bonds for industrial buildings such issues must be approved by three fourths of the voters and the bonds must be retired with rental from the buildings no tax supported bonds can be used tor for the purpose elizabethton Elizabeth ton has been existing on the strength of a single industry rayon five thousand persons are employed at the two plants in operation in the community to rent kent plants in addition to the fact that eliza bethoon is preparing to rent plants to industries there are other advantages attractive to businessmen the community in a mountainous area has an ample supply 0 of manpower electricity is plentiful and cheap timber resources are lavish the water supply Is abundant the climate Is desirable the future looks bright for eliza bethoon beth ton but some of its residents tear fear they may hit a snag B E wooten woolen president of the chamber of commerce says congress may revise the law to prohibit private industry from benefiting from the tax exemptions of cities we want to get all the industries we can before this sort of financing Is halted he said we ve dont believe congress will seek to collect the taxes on these factories already established under this arrangement |