TUIDA News Release: "Thomaston-Upson County IDA Seeks Additional Funding The Thomaston-Upson County IDA (TUCIDA) recently proposed an additional $600,000 increase in their annual budget to a joint meeting with city and county officials. According to Kyle Fletcher, TUCIDA Executive Director, the money will be used in the following areas: debt reduction, land acquisition, infrastructure completion and incentives for prospective industries as well as existing industries. Debt service paid by Upson County (for the IDA) is over $1.8 million and includes payments on the spec building, REDLG Loan, One Georgia Loan and Dester Property. “Paying off the speculative building is a priority since it is used as an incentive for prospects”, said Fletcher. It’s hard to offer a building that you don’t own, she added. “Perhaps the most important reason we need additional funding is to build an incentive cash pool,” said Fletcher. The economic development arena is extremely competitive and many of the successful communities offer available land, buildings, tax abatements and cash incentives to “build out” sites or help with capital expenditures. IDA Board Members Frank King, Steve Daniel and Scott Blackstock gave examples of successful communities and how they began dedicated millage towards economic development years ago and it is paying great dividends today. Increasing your tax digest by bringing new jobs can actually reduce the burden on tax payers. Fletcher stated that if one mill (approximately $623,716) was dedicated to economic development per year, it would cost property owners the following amount: Home valued at $60,000……an additional $22.80 (after allowing for homestead exemption) Home valued at $75,000……an additional $28 (after homestead exemption) Home valued at $100,000…an additional $38 (after homestead exemption) Billy Johnston, IDA Chairman, ended the meeting by stating the IDA is “fishing without bait” when comparing our incentives to other communities."
Posted on: Wed, 07 Aug 2013 23:12:27 +0000
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