County OKs industry tax abatements – Times-Georgian: News


County OKs industry tax abatements – Times-Georgian: News

The Carroll County Board of Commissioners gave its approval Tuesday for tax abatements for two new industries which say they will bring a total of 405 new jobs to the county and $75 million in investments.

One tax break will go to Trident Seafoods, which announced in August it will convert a Columbia Drive building, formerly owned by Chiquita Brands, into a seafood processing plant. Trident has promised to invest $41 million and create 175 jobs.

The other tax abatement goes to a prospective company that announced last week its intention to invest $34 million to build a plant at the intersection of Columbia Drive and Beulah Church Road on property known as the Sony Driving Range. The company has so far only been identified as “Big Star, LLC,” a limited liability holding company. Although the company’s real name and product have yet to be identified, it has promised to create 230 jobs.

Both companies will get similar ad valorem tax abatement agreements, paying no tax for the first five years, then on a sliding scale, starting at 20 percent of the value in the sixth year, increasing to 100 percent in the 11nth year and beyond. The abatements are contingent upon the companies meeting the job creation agreements specified in the memorandum of understanding to be signed by the company officials, Carrollton Payroll Development Authority, city of Carrollton and Carroll County Board of Commissioners and Board of Assessors.

Completion of the Trident plant is expected in the fourth quarter of 2014, while the Big Star plant won’t be completed until the fourth quarter of 2016.

via County OKs industry tax abatements – Times-Georgian: News.

Comments ( 0 )