Thanks to the efforts of the Peachtree City Councilman Doug Sturbaum, the city has a significant lure in its tackle box to reel in more jobs.
The city’s request to designate the industrial park as an economically challenged area was ratified by the Georgia Department of Community Affairs. In doing so, the city will be able to leverage a significantly larger amount of state incentives for any company seeking to relocate or expand in the industrial park.
That means in terms of tax credits, each new job created will mean $3,500 to the companies’ bottom line instead of the previous amount of $500.
Sturbaum said the idea came about last year after the city lost on several prospective employers to nearby areas. Those areas were able to leverage larger tax credits than the city, he said.
DCA’s designation for the industrial park “levels the playing field,” officials said.
Development Authority Chairman Mark Hollums said the leap in the city’s state tax credit offering was “almost unheard of.”
The status also adds more investment credits for businesses to reap in the industrial park, Hollums noted.
The tax credits are only available on certain projects ranging from warehouse distribution to research and development, high-tech companies and tourism development, for example, Hollums said.
“Doug, I tell you it’s a masterful thing you’ve done,” Hollums said as he presented Sturbaum with a plaque in recognition of the achievement.
Sturbaum said the designation creates a significant opportunity for the city.
“We have known our industrial center needed a boost,” Sturbaum said. “… With the help of city staff and the development authority we went for it and got it.”
Mayor Don Haddix said the additional tax credits will help the city.
“Companies have walked away from Peachtree City because we couldn’t give enough,” Haddix said. “Now we have an excellent chance.”
The designation must be applied for annually by the city.
