The commission also voted to fund the authority with 0.5 mill of property tax this year, about $438,000, and they pledged a full mill of tax for the development authority in future years.
The resolution the commission passed to fund the development authority reads in part, “This agreement will insure that funding is available for the (development) authority and its general functions including the potential purchase of properties, construction of infrastructure, and all related activities associated with industrial and economic development… it has been determined that the (development) authority must be funded at a significant level to insure that sufficient funds are available for these purposes.”
With the county making a substantial commitment to the development authority, Chairman Billy Croker took the time to answer a few questions about the reinvigorated authority.
Croker said the development authority would serve as the lead economic and industrial marketing vehicle for the county. He emphasized that the county development authority would be in a better position to market the county than would the individual cities. Croker noted that with adequate funding, the county development authority will be better able to attract industrial prospects to the county to create jobs and expand the tax base, which will help finance the operations of all local government agencies.
The reconstituted development authority will combine operations of Cedartown, Rockmart, and Polk County development authorities into one. The new authority will continue to market the existing industrial parks set up by Cedartown and Rockmart, and the new authority looks to expand on these sites. Croker indicated that the expansion of existing industrial parks by adding 100 or 200 acres, which can be served by existing infrastructure, was a short-term goal for the development authority.
Croker also indicated that a long-term goal is to have a “Mega Park” with large tracts available for major industrial plant locations. As an example, Croker cited the large tract sold in Haralson County for the Honda transmission plant. He also confirmed that the development authority is looking at land in Antioch. According to Croker, the Development Authority of Polk County already has a 1,545 acre site under option on Antioch Road. The property currently belongs to the Lester family and does not include 600+ acres the family has under a conservation easement.
The authority will also complete the construction of the 100,000 square foot speculative building started on 12 acres in the Rockmart 101 Industrial Park. The authority is also looking to build a smaller speculative building, about 30,000 square feet, in Cedartown North Business Park. Croker said that there are no other spec. buildings of this size in the area, so it could fill a niche for a company looking to move to the area.
In describing the general purpose of the short and long-term goals, the commission chairman noted that economic development is a multifaceted process involving existing industries and prospects. According to Croker, the development authority is willing to encourage the expansion of existing industry and to assist where possible as well as trying to get new industry to move into existing industrial sites.
Croker added that economic development is very competitive and that the development authority will attempt to be competitive in the incentives offered when appropriate based on factors such as the number of new jobs created, capital investment, and water and sewer needs. Incentives could include permit waivers, tax grants, and various tax credits and exemptions.
The reconstituted Development Authority of Polk County will be led by a board of seven voting members with three appointed by the county, two nominated by the Cedartown City Commission, and two nominated by the Rockmart City Commission. The board will also have several ex officio, non-voting members.
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