A large existing Peachtree City company is gearing up to expand with a number of high-paying jobs, and the city council Thursday approved offering a grant of up to $50,000 in return.
The company’s name has not been released, but is expected to be made public in the next week or two, according to Brandt Herndon, CEO of the Fayette County Development Authority.
The city grant will provide a $500 per job credit for each job created which has a base salary of at least $80,000 per year.
Those jobs should provide a shot in the arm to the city’s higher-end housing market, Herndon noted after the council meeting.
The resolution adopted unanimously by council also indicates that a physical building expansion of the unnamed company is part of the expansion. Which means the city will be reaping the property tax benefits from the expansion as well.
Under the resolution passed by council, the grant will be provided after the city’s finance department confirms the terms have been met.
It was also noted that the company which is expanding is also getting incentives from the Peachtree City Airport Authority.
It took less than two minutes for council to approve the resolution, which ambiguously refers to the expanding company as “Project Z.” The vote was unanimous 4-0, as Councilman Eric Imker showed up a few minutes late for the meeting.
It took less than two minutes for the meeting to be adjourned by council.
