Coweta inks $50M deal for Niagara
California-based Niagara Bottling LLC, the nation’s largest private label bottled water supplier, will construct a 460,000 sq. ft. facility on 45 acres in late 2014 and create 41 initial jobs in Coweta County. The Coweta Development Authority, with the support of other county partners, has agreed to provide a bond for the project estimated at $50 million.
Parties supporting the bond agreement included the Coweta County Development Authority, Coweta County Commission, Coweta County Water and Sewerage Authority, Coweta County Board of Assessors, Shenandoah Park Properties LLC and Niagara Bottling LLC. The agreement states that the Niagara project requires assistance from the various parties.
Per the agreement, Niagara will purchase and develop the property and equip and operate the facility that will employ a minimum of 41 full-time employees within two years of opening. Niagara will invest a minimum of $50 million within two years of breaking ground on the project, the agreement said.
Per the agreement, the development authority will issue the bond for a 10-year period. The terms of the bond, including issues such as maturity, interest rates, denomination and redemption provisions, will be determined by the bond purchase contract.
Economic incentives for the project include the waiver of up to $50,000 in permit fees. Bond financing includes up to 50 percent in property tax abatement on real estate for up to 10 years and up to 50 percent on equipment for five years. Neither the county nor the development authority will have liability to repay the bond.
The new facility represents a $50 million investment located in the Shenandoah Industrial Park. Expected to be completed later this year, the Niagara facility will package and distribute private label bottled water for its customers as well as the Niagara label, according to Coweta County Development Authority President Greg Wright.
The facility will initially include one production line with the potential of running up to four production lines in the future, said Wright.
“We are thrilled to expand in Coweta County,” said Derieth Sutton, economic development and government relations manager for Niagara. “This location not only offers the ideal logistics infrastructure that helps us better serve our customers, but we have also experienced a huge welcome from the community. We look forward to bringing new jobs and opportunities to this region.”
The Niagara project was a collaborative effort between the Coweta County Development Authority, Lee and Associates and the Ga. Dept. of Economic Development.
Based in Ontario, California, Niagara Bottling has 18 locations around the U.S.