The Fayette County Commission on May 24 approved an intergovernmental agreement (IGA) dealing with property tax incentives for qualifying companies, businesses and industries. Peachtree City and Tyrone have already signed the agreement.
The tax incentive measure designed to encourage businesses and industries to come to Fayette County passed on a unanimous vote. County Administrator Steve Rapson noted that the councils in Tyrone and Peachtree City previously approved the IGA. Fayetteville has not yet approved the measure, Rapson said.
As noted by Rapson and representatives of the Fayette County Development Authority, targeted industries that might qualify for the incentives includes corporate headquarters, information technology, aerospace, advanced manufacturing, film/new media and medical research and development.
Obtaining the tax incentives comes with a number of requirements. The company must have a new capital investment of at least $7 million, must create a minimum of 20 full-time or equivalent jobs with wages, benefits and bonuses totaling $50,000 per year per employee.
Companies approved for the incentives will pay property taxes in increasing 10 percent increments, beginning at 10 percent the first year and culminating at 100 percent in the tenth year and thereafter.
Companies receiving the incentives will be monitored for compliance and will be required to make a recoupment payment if they fail to meet the required goals.