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Board approves empowerment-zone revenue bond support for large refrigerated warehouse project
Summary
After a public hearing the county consented to the industrial development authority issuing up to $10 million in empowerment-zone facility revenue bonds to support Flint River Services' refrigerated warehouse project; the Board also approved a memorandum of agreement assigning a staged taxable percentage to the company's leasehold interest.
On Dec. 16, 1999 the Dooly County Board of Commissioners adopted a resolution consenting to the Dooly County Industrial Development Authority’s issuance of empowerment-zone facility revenue bonds of up to $10 million to assist Flint River Services, Inc. in financing an approximately 225,000-square-foot refrigerated warehouse project on a roughly 44-acre site near U.S. Highway 41 and Collins Road (Unadilla / unincorporated Dooly County).
County Attorney John N. Davis presented the bond proposal and noted the Project is located in the Southwest Georgia Empowerment Zone. The Board held the statutorily required public hearing and received no public comments. The resolution clarified that the bonds, if issued by the Authority, would be limited obligations of the Authority and would not be general obligations of the county or state. The Board explicitly approved the designation of the bonds as empowerment-zone facility bonds to the extent required under federal tax code provisions cited in the minutes.
In addition, the Board approved a Memorandum of Agreement among Flint River Services, the City of Unadilla, Dooly County, the Dooly County Board of Education and the Tax Commissioner that set an increasing percentage schedule for the taxable value of the company’s leasehold interest (starting at 5% and rising annually to 100% by 2020). The MOA establishes how ad valorem taxation of the company’s interest would be assessed during the 20-year lease arrangement and sets procedures for county and municipal recognition of taxable interest.
