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Tax abatements possible for firm

Company may bring more than 100 jobs

POSTED: June 22, 2014 12:05 a.m.
 

CUMMING — An undisclosed economic development project could receive tax abatements in exchange for creating more than 100 jobs in Forsyth County.

During a meeting Thursday morning, the Forsyth County Development Authority discussed the possibility of preparing a proposal on behalf of the project for the county commission to consider.

Ethan Underwood, an attorney for the authority, said the unidentified company could create more than 100 “very high-paying jobs” if it decides to locate to the county.

Randall Toussaint, vice president of economic development for the Cumming-Forsyth County Chamber of Commerce, has also been in talks with the company.

“They fit within one of our fastest growing sector markets and the jobs they’re looking to bring are also within the wages that we’re seeking to bring to the county,” Toussaint told the authority.

According to Underwood, the company wants to issue a $20 million bond package, which the development authority and county commission would need to approve.

“The bond is being issued … from our understanding for tax purposes and to facilitate a tax abatement from the county,” Underwood said. “We haven’t had a bond deal that has qualified for [abatement] in some time, but this one would.”

Underwood explained that the county offers a three-tier tax abatement incentive program for incoming industries.

He said the company would qualify for the abatement program due to the number of jobs it likely would create over a two-year period after beginning operations.

But he noted that the tax abatement program “is a 100 percent negotiated process.”

“It could be as little or as much as the board of commissioners will approve,” he said.

David Seago, chairman of the authority, said he would like for the members of the group to develop a proposal that could go to the commission in August.

“We’ll eventually have to make a presentation to the commissioners about it and they’re going to ask a lot of questions and we need to know what we’re talking about,” Seago said.

He said the authority would develop the proposal with Underwood and Toussaint.

 

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