Bartow To Issue $205M in Bonds, Exempt Shaw from Property Taxes for New Adairsville Plant – Government – Cartersville, GA Patch

Bartow County will issue $205,000,000 in taxable revenue bonds and provide a number of incentives for the planned Shaw Industries plant in Adairsville, which is expected to create 340 new jobs in the first five years, according to an agreement, above, okayed by sole Commissioner Steve Taylor during his Wednesday public meeting.

The Development Authority of Bartow County will title to the plant, effectively exempting Shaw, the lesee, from property taxation. In lieu of tax payments, Shaw will pay $5,334.20 per year, which is equal to the school portion of ad valorem taxes based on the 2013 assessed value to the land on which the new plant will sit, which is $298,000, according to the agreement.

In exchange for those and other incentives, in five years, Shaw will create 340 qualified full-time jobs—the average annual salaries of which likely will equal or exceed $37,500 per year or $18 an hour—and make an initial capital investment of at least $85,000,000.

The city of Adairsville would provide additional incentives, according to the agreement.

via Bartow To Issue $205M in Bonds, Exempt Shaw from Property Taxes for New Adairsville Plant – Government – Cartersville, GA Patch.