Henry County Council approves forgivable loan program to attract NEO’s $7–9 million investment
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Summary
The council approved Ordinance 2025-5 allowing the County Redevelopment Commission to provide a forgivable loan to NEO to build in the industrial park, an investment estimated at $7–$9 million that the county projects will create about 50 jobs over five years at roughly $22 an hour.
County Counsel Corey Murphy asked the Henry County Council to take final action on Ordinance 2025-5, which would authorize the county to support an Economic Development Revenue Note Series 2025 and permit the County Redevelopment Commission (RDC) to make a forgivable loan to NEO as an incentive to build in the county’s industrial park. “This would allow the County Redevelopment Commission to provide a forgivable loan to NEO as an incentive for building in the industrial park,” Murphy said during the presentation.
Murphy summarized earlier work: the RDC and Economic Development Commission (EDC) held required public hearings and the county performed public notice steps. He said the project’s estimated private investment is between $7 million and $9 million, with roughly 50 new jobs expected over five years and average wages around $22 per hour.
Council members asked clarifying questions about the shell building alternative and why NEO chose to build a new facility. Murphy said the shell building was either already being sold or was too large for the company’s needs and pointed to an available parcel across the street as the preferred site.
Council member Speaker 7 praised the RDC, EDC and staff for finding an incentive that avoided a tax abatement. Following a motion to approve by Speaker 7 and a second by Speaker 8, the council voted in favor and approved the ordinance.
Why it matters: The ordinance creates a locally funded economic incentive that county leaders say will spur investment and new jobs in Henry County’s industrial park without using the county general fund — the RDC funds are dedicated and separate from the general fund, staff said. The council recorded that RDC funds were already available for the incentive and that the transfer has no direct impact on the county general fund.
Next steps: The approved ordinance authorizes implementation steps handled by the RDC and EDC; the county staff will process the legal and financial closing steps and monitor the project as it proceeds.
