Jackson County industrial park deal has lease backstop

The deal

A Jackson County industrial park deal includes an unusual lease backstop, The North State Journal reported. The lease provision is the central feature identified in the account of the development agreement.

What the backstop means

The term “lease backstop” indicates that the agreement contains a provision supporting the lease arrangement connected to the industrial park. The exact structure of that provision, including who would be responsible for it and when it would apply, is not described here.

What remains to be clarified

The account does not identify the industrial park’s location, the businesses involved, the value or length of the lease, or the government body that approved the deal. It also does not state whether construction has begun, when the agreement takes effect, or what conditions are attached to the backstop.

The North State Journal’s report is the basis for the description of the deal and its lease provision. No primary agreement or other public record is linked here.