A tax incentive proposal for a new industry identified only as Project TNT was approved by the Dickson City Council and Dickson County Commission Monday night. The graduated payment in lieu of taxes, or PILOT, plan means the new company will not pay any real or personal property taxes in its first three years, then pays increasing percentages in years four through seven before becoming fully taxed in year eight. The company, which is not being identified yet, plans to purchase the former Wabash Alloys facility at 600 Printwood Drive in the William D. Field-Dickson County Industrial Park. According to the PILOT resolution, the startup company will invest about $25 million to get the facility up and running with plans to employ 35 people within two years and up to 55 people at full production. A Project TNT representative told the Dickson City Council that the company plans to operate two production lines at its initial startup, add two more lines in phase two within a couple years with phase three coming after seven years depending on other factors. Under the PILOT, the Dickson County Industrial Development Board will hold the title to the property during the term of the agreement and the company will make annual payments on an increasing percentage of its real and personal property taxes. County Mayor Bob Rial has said by the fifth year of the PILOT, the county and city will be receiving more money than the current taxes generated by the site. “It’s going to be a good project,” Rial said. The commission unanimously approved the PILOT plan in its regular session Monday night while the city council approved it during a special session that same night.