By Jessica Waters
The Toccoa Record
Meadowbrook Industrial Park may soon be home to a Michigan manufacturing company, according to Stephens County Development Authority executive director Tim Martin and SCDA board chairman Cam Parker.
“It’s two deals wrapped up in one,” explained Parker, saying that the Michigan-based company has signed a letter of intent to occupy the Telford Building – a 52,500-square-foot metal building on Meadowbrook Industrial Road in Eastanollee.
Martin and Parker declined to identify the company, but explained the two-step process agreed upon during negotiations.
“The development authority will purchase the Telford Building for $700,000, and the owner will loan (the Development Authority) back $500,000 and pocket $200,000,” Parker said, adding that the $500,000 loan would be paid back at a 3 percent interest rate with a balloon payment due after three years.
“In a separate deal with the Michigan company, they will lease the building for $6,000 per month for three years, with a purchase option for $603,000 at the end of the three years.”
The plant manager of the company, which makes wooden components for doors and other products, is currently in town searching for housing, Martin said, adding that research into the company shows it to be in good financial standing.
“They have been very upfront – they are saying they will be adding 12 jobs,” Martin said, adding that the number of employees could increase over time.
Parker added that all individuals involved in the transaction are aware of all aspects of the arrangement, and that, during these economic times when other communities are providing large benefits to companies in order to compete for new businesses, some risks must be taken in order to attract new industry.
If the deal is finalized the new company could be up and running by November, Martin said.
The Toccoa Record
Meadowbrook Industrial Park may soon be home to a Michigan manufacturing company, according to Stephens County Development Authority executive director Tim Martin and SCDA board chairman Cam Parker.
“It’s two deals wrapped up in one,” explained Parker, saying that the Michigan-based company has signed a letter of intent to occupy the Telford Building – a 52,500-square-foot metal building on Meadowbrook Industrial Road in Eastanollee.
Martin and Parker declined to identify the company, but explained the two-step process agreed upon during negotiations.
“The development authority will purchase the Telford Building for $700,000, and the owner will loan (the Development Authority) back $500,000 and pocket $200,000,” Parker said, adding that the $500,000 loan would be paid back at a 3 percent interest rate with a balloon payment due after three years.
“In a separate deal with the Michigan company, they will lease the building for $6,000 per month for three years, with a purchase option for $603,000 at the end of the three years.”
The plant manager of the company, which makes wooden components for doors and other products, is currently in town searching for housing, Martin said, adding that research into the company shows it to be in good financial standing.
“They have been very upfront – they are saying they will be adding 12 jobs,” Martin said, adding that the number of employees could increase over time.
Parker added that all individuals involved in the transaction are aware of all aspects of the arrangement, and that, during these economic times when other communities are providing large benefits to companies in order to compete for new businesses, some risks must be taken in order to attract new industry.
If the deal is finalized the new company could be up and running by November, Martin said.
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