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Board approves performance-based incentives for Project Soul, a proposed $600 million investment and 335 jobs
Summary
The Lee County board approved a seven-year, performance-based incentive tied to 70% of ad valorem taxes for "Project Soul," a prospective project described as at least $600 million in capital investment and at least 335 jobs; staff and the chair were authorized to finalize ministerial changes and insert the company name once announced.
The Lee County Board of Commissioners voted on July 13 to approve a performance-based economic-incentive package for a proposed project described as Project Soul.
Jimmy Randolph, presenting for Saga/Economic Development Partnership, said Project Soul represents a proposed minimum capital investment of $600 million and anticipates at least 335 new full-time jobs with an average annual wage of $71,132. Saga's executive committee recommended a performance-based grant equal to 70% of the ad valorem taxes paid by the company each year for seven years, conditioned on meeting investment, wage and job-creation thresholds.
Commissioners voted to waive the board's policy that typically prevents same-night action on items heard in a public hearing and approved the resolution authorizing the agreement and giving the chair authority to sign a final agreement (staff may insert the company's name once publicly announced). County staff explained the grant is performance-based and subject to reductions if investment or job/wage targets are not met.
During discussion staff provided an illustrative year-2 example from the presentation: projected total taxes in year 2 of about $1,872,000 with a corresponding incentive payment of about $1,310,000, leaving a net in-county tax of roughly $500,000 that year; staff said tax receipts would grow in subsequent years if the project meets its schedule.
No recorded roll-call tallies listing individual votes appeared in the meeting transcript; the board voted to approve the resolution following the public hearing and procedural waiver. The resolution authorizes nonmaterial changes by staff and insertion of the company name once announced.
What the approval means: The incentive is performance-based, tied to investments and jobs the company must create and maintain; failure to meet benchmarks reduces payments. The county authorized the chair to execute the final agreement subject to nonmaterial edits.
