Green issues statement regarding Wal-Mart, North American

Charles K. Green, president of North American Corporation, issued a statement regarding the possible location of a Wal-Mart Supercenter at the North American property on West Elk Avenue. The release reads as follows:
   North American has been working with several national retailers, inclusive of Wal-Mart, for the last two years.
   It is my understanding that Wal-Mart representatives plan to meet with the planning commission of the city of Elizabethton in February to present the city an overall plan for the property located on Elk Avenue where rayon was produced for many years.
   "If we are fortunate enough to have Wal-Mart locate its new Superstore on this site, it will be advantageous to our city and county in that it will bring in each year approximately $700,000 in additional sales taxes and approximately $400,000 in property tax," Green stated in the release. "Plus, additional employees will be needed to operate the new Super Wal-Mart."
   If the overall plan for the site location is approved, the opportunity for additional major retailers locating their businesses in Elizabethton will be enhanced.
   "Therefore, in addition to Wal-Mart taxes, the county and city could receive as much as another $1,000,000 per year," Green stated in the release.
   It was the intent of North American to continue to be in the distribution and warehousing business. If Wal-Mart locates on the North American property, plans will be made to relocate this operation. In addition, North American Research and Development has partnered with a Chicago-based pharmaceutical company, which is currently searching for a production site.
   North American has been part of East Tennessee history since 1928 and hopes, with the support of local government and the community to be a part of its future.
   (End of statement).