Advanced Digial Cable hiring 60 for n...

Advanced Digial Cable hiring 60 for new Blairsville faclity

There are 25 comments on the 11Alive story from Sep 14, 2011, titled Advanced Digial Cable hiring 60 for new Blairsville faclity. In it, 11Alive reports that:

"ADC's focus on growing through technology will benefit enormously from the skilled workforce in and around Union County," said Georgia Department of Economic Development Commissioner Chris Cummiskey.

Join the discussion below, or Read more at 11Alive.

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ACOG

Since: Dec 10

Location hidden

#2 Sep 15, 2011
This was in the paper. What I can't figure out is where they are coming up with the investing $4.2 million in the community.

Are they talking about buying the building for $4.2 million and calling that the investment to the community?
Nancy

Dawsonville, GA

#4 Sep 15, 2011
No one is commenting because it is positive news and TOPIX people like to trash the county and insult people.

Why would anyone want to say anything good?

Since: Mar 11

Location hidden

#5 Sep 16, 2011
This is great news for Union County in more ways than may show on the surface. We most certainly need the 60 jobs. Our way out is through Mfg. Farming and some service jobs. The down side is that it looks as though the county took a heck of a lick on the sale of the building. When the county got the building back through the Development Authority the Morgage was well over 4 million. Everyone wants to deny that the county owns it but the deed is recorded and can't be hidden. Now if 4.2 mil is all it's going to take to get this off the ground it sounds as though we are footing the bill. That is probably better than to continue to pay for the building and it sit empty with no jobs either. We will never know how much we lost on this or any other deals until Paris is out of the courthouse and someone can get a real audit.
Tony

Dawsonville, GA

#6 Sep 16, 2011
Did not know, this is some great news.

ACOG

Since: Dec 10

Location hidden

#8 Sep 16, 2011
Why offer an IRB?
Most states and many local governments offer industrial revenue bonds (IRB) as a way to encourage relocations and expansions of companies that provide jobs and expand economic opportunities for residents and the community. IRBs are an incentive to encourage a company to invest in Albuquerque.

What is an IRB?
An Industrial Revenue Bond, or IRB, is a loan to a company from a private financing entity to build or buy a facility or buy land and/or equipment. IRBs are one way local governments can provide tax abatements to encourage relocation and expansion of companies.

How do they work?
The city issues the bonds but is not making the loan. The investor buying the bond makes the loan. The company must find its own bond purchaser. It can also buy its own IRBs. The city technically owns title to the facility built with IRBs and leases it to the company for up to 20 years. At the end of the term, title is transferred to the company.

Here’s an example: Company X wants to build a $15 million plant and buy $20 million in equipment. The city issues a $35 million bond for 20 years. During this period the company will repay the bond. The company gets a break on property taxes for land of $4.3 million over 20 years and a break on equipment property taxes of $1.15 million over 7 years. It’s not correct to say the company is getting $35 million in tax breaks. The $35 million represents the amount of money the company will invest in our community.

Do IRBs affect the city’s credit ratings?
No. Since the city is not responsible for the loan, the IRB does not have an impact on the city’s credit rating.

Why is an IRB desirable to a company?
IRBs help companies save money in two ways: Because the city owns the title to the project, it’s exempt, for up to 20 years, from 95 percent of property taxes on land, buildings, and equipment. Also, a company may receive gross receipts and compensating tax exemptions on initial purchases of equipment made with bond proceeds.

Can a small business use an IRB?
Because of financing costs, IRBs are typically used for larger capital projects. They are generally not recommended for projects less than $2 million.

Do companies still have to pay taxes?
The company must still pay a portion of property taxes, as well as all corporate taxes. In most cases companies will pay gross receipts taxes on the services or goods they produce and sell. In addition, a company’s employees are paying income taxes and gross receipts taxes on their purchases.

What are the steps to apply for an IRB?

After a company identifies a site, its representatives meet with the City’s Economic Development Department and Albuquerque Economic Development Inc. to get support and identify concerns.
The company identifies a purchaser for the bonds.
The company prepares a project description and calculates potential employment and submits an application, which includes the company’s financial information, to the City Economic Development Department.
The EDD prepares a staff analysis for review by the Albuquerque Development Commission, the Administration and the City Council.
The Albuquerque Development Commission holds a public hearing and makes a recommendation to the city to issue the IRBs.
A city councilor, usually the one in whose district the project will be, sponsors an inducement resolution and/or bond ordinance to the City Council.
After passage of the ordinance, attorneys prepare closing documents covering the transaction.
At closing the bond purchaser buys the bonds.
Download the Industrial Revenue Bond Applicant's Packet
Jim

Dawsonville, GA

#9 Sep 17, 2011
ACOG wrote:
Why offer an IRB?
Most states and many local governments offer industrial revenue bonds (IRB) as a way to encourage relocations and expansions of companies that provide jobs and expand economic opportunities for residents and the community. IRBs are an incentive to encourage a company to invest in Albuquerque.
What is an IRB?
An Industrial Revenue Bond, or IRB, is a loan to a company from a private financing entity to build or buy a facility or buy land and/or equipment. IRBs are one way local governments can provide tax abatements to encourage relocation and expansion of companies.
How do they work?
The city issues the bonds but is not making the loan. The investor buying the bond makes the loan. The company must find its own bond purchaser. It can also buy its own IRBs. The city technically owns title to the facility built with IRBs and leases it to the company for up to 20 years. At the end of the term, title is transferred to the company.
Here’s an example: Company X wants to build a $15 million plant and buy $20 million in equipment. The city issues a $35 million bond for 20 years. During this period the company will repay the bond. The company gets a break on property taxes for land of $4.3 million over 20 years and a break on equipment property taxes of $1.15 million over 7 years. It’s not correct to say the company is getting $35 million in tax breaks. The $35 million represents the amount of money the company will invest in our community.
Do IRBs affect the city’s credit ratings?
No. Since the city is not responsible for the loan, the IRB does not have an impact on the city’s credit rating.
Why is an IRB desirable to a company?
IRBs help companies save money in two ways: Because the city owns the title to the project, it’s exempt, for up to 20 years, from 95 percent of property taxes on land, buildings, and equipment. Also, a company may receive gross receipts and compensating tax exemptions on initial purchases of equipment made with bond proceeds.
Can a small business use an IRB?
Because of financing costs, IRBs are typically used for larger capital projects. They are generally not recommended for projects less than $2 million.
Do companies still have to pay taxes?
The company must still pay a portion of property taxes, as well as all corporate taxes. In most cases companies will pay gross receipts taxes on the services or goods they produce and sell. In addition, a company’s employees are paying income taxes and gross receipts taxes on their purchases.
What are the steps to apply for an IRB?
After a company identifies a site, its representatives meet with the City’s Economic Development Department and Albuquerque Economic Development Inc. to get support and identify concerns.
The company identifies a purchaser for the bonds.
The company prepares a project description and calculates potential employment and submits an application, which includes the company’s financial information, to the City Economic Development Department.
The EDD prepares a staff analysis for review by the Albuquerque Development Commission, the Administration and the City Council.
The Albuquerque Development Commission holds a public hearing and makes a recommendation to the city to issue the IRBs.
A city councilor, usually the one in whose district the project will be, sponsors an inducement resolution and/or bond ordinance to the City Council.
After passage of the ordinance, attorneys prepare closing documents covering the transaction.
At closing the bond purchaser buys the bonds.
Download the Industrial Revenue Bond Applicant's Packet
You give more true info and educate better than schools and news media combined . And spend your own money to do so . Great job . A bronze statue should be erected of such a great lady .
He ck

Dawsonville, GA

#10 Sep 17, 2011
Now this is an amazing story. A great thing for Union county. Jobs and mfging is what Union needs.

Surely the view from the new Community Center had no influence on the owner of the business since the center is not complete and the owner was not winded and dined there.

No, tax breaks and the business owners decide where is the best place to have their businesses. Also infrastructure of the community has the biggest influence, not views of a Golf course.
As many have said, the Community Center is nothing more than a play ground for the rich of the County.

ACOG

Since: Dec 10

Location hidden

#12 Sep 17, 2011
The M0untains V0ice wrote:
<quoted text>
Linda. Was an Industrial Revenue Bond part of this deal?
"As Security for the issuer's INDUSTRIAL DEVELOPMENT REVENUE BONDS (Applewood Doors & Windows, Inc. Project), SERIES 2005 (The Bonds)as provided in anassignment of lease and security agreement,of even date herewith, from the issuer to the trustee. Such pledge is subordinated and subject to a prior pledge to Branch Banking and Trust Company, as issuer of a letter of credit securing the bonds."
daydreamin

Warner Robins, GA

#13 Sep 17, 2011
ACOG wrote:
<quoted text>
"As Security for the issuer's INDUSTRIAL DEVELOPMENT REVENUE BONDS (Applewood Doors & Windows, Inc. Project), SERIES 2005 (The Bonds)as provided in anassignment of lease and security agreement,of even date herewith, from the issuer to the trustee. Such pledge is subordinated and subject to a prior pledge to Branch Banking and Trust Company, as issuer of a letter of credit securing the bonds."
What type, if any, tax breaks, handouts, etc., did the county give to the company and were any qualifications placed on these incentives. If I remember correctly, a few years ago, Alpharetta gave tax breaks to a company with the qualifications that a certain number of people would be employed at the company within a certain number of years (which was about 3 or 4 years). They didn't meet the stated goals and had to give the money from the tax breaks back to the city.
Turtle Tracks

Dahlonega, GA

#14 Sep 17, 2011
They gripe because there is no industry here, then when a company comes in, they gripe about that. Good job ACOG and MV. What a true service you do for the community. What a laugh.
Turtle Tracks

Dahlonega, GA

#15 Sep 17, 2011
daydreamin wrote:
<quoted text>
What type, if any, tax breaks, handouts, etc., did the county give to the company and were any qualifications placed on these incentives. If I remember correctly, a few years ago, Alpharetta gave tax breaks to a company with the qualifications that a certain number of people would be employed at the company within a certain number of years (which was about 3 or 4 years). They didn't meet the stated goals and had to give the money from the tax breaks back to the city.
This happened to ALLTEL (which Windstream came from) in the past. They took millions from the state to build a building in Alpharetta and when they didn't hire the people, they had to give the money back.

ACOG

Since: Dec 10

Location hidden

#16 Sep 17, 2011
Turtle Tracks wrote:
They gripe because there is no industry here, then when a company comes in, they gripe about that. Good job ACOG and MV. What a true service you do for the community. What a laugh.
HOW long did the Applewood Building stay in buisness?

ACOG

Since: Dec 10

Location hidden

#17 Sep 17, 2011
daydreamin wrote:
<quoted text>
What type, if any, tax breaks, handouts, etc., did the county give to the company and were any qualifications placed on these incentives. If I remember correctly, a few years ago, Alpharetta gave tax breaks to a company with the qualifications that a certain number of people would be employed at the company within a certain number of years (which was about 3 or 4 years). They didn't meet the stated goals and had to give the money from the tax breaks back to the city.
Union County Development Authority will be the building owner, with a lease from Applewood covering the bond retirement payments. There will be a option for Applewood to purchase it when the bonds are paid off.

Union County Commissioner Lamar Paris has agreed to a local county tax incentive progressive plan of zero taxes in one year, 20% taxes in two, and 40%,60%,80% and finally 100% at the end of the five year period.

This would be handled with a payment-in-lieu-of-taxes letter in the bond issue documents.

Does anyone know when the Applewood Building went out of buisness?
daydreamin

Warner Robins, GA

#18 Sep 17, 2011
ACOG wrote:
<quoted text>
Union County Development Authority will be the building owner, with a lease from Applewood covering the bond retirement payments. There will be a option for Applewood to purchase it when the bonds are paid off.
Union County Commissioner Lamar Paris has agreed to a local county tax incentive progressive plan of zero taxes in one year, 20% taxes in two, and 40%,60%,80% and finally 100% at the end of the five year period.
This would be handled with a payment-in-lieu-of-taxes letter in the bond issue documents.
Does anyone know when the Applewood Building went out of buisness?
Wouldn't it be wise to place qualifications on the tax breaks like Alpharetta did?

ACOG

Since: Dec 10

Location hidden

#19 Sep 17, 2011
daydreamin wrote:
<quoted text>
Wouldn't it be wise to place qualifications on the tax breaks like Alpharetta did?
You need to remember who is running this county.
He ck

Dawsonville, GA

#20 Sep 18, 2011
"
Does anyone know when the Applewood Building went out of buisness? "

I seem to remember Lamar had a big todo in the paper when Applewood came, about 5 or 6 years ago.

When Applewood left about 2 or 3 years ago, not a word was said about it.

Looks like they used up their tax benefit and left and went back to Ellijay.

Lamar just collects sour grapes.
daydreamin

Warner Robins, GA

#21 Sep 18, 2011
Turtle Tracks wrote:
<quoted text>
This happened to ALLTEL (which Windstream came from) in the past. They took millions from the state to build a building in Alpharetta and when they didn't hire the people, they had to give the money back.
ALLTEL had to give money back to Alpharetta, too.

Since: Mar 11

Location hidden

#22 Sep 18, 2011
It is a great day when we have jobs coming to Union County. It is a shame that we cannot enjoy this development without worrying about how our commissioner has screwed us. That fact alone should be a sign that Paris must go.

Since: Feb 11

Location hidden

#24 Sep 18, 2011
Well come on, Henry Ford. Let's see what kind of factories you're putting together and what kind of employment you're creating. What? You're unemployed? You haven't had a job since when? Maybe the problem isn't the politicians but the malcontents - I can't call you a misfit since you don't even live here - who tear every little thing down. You don't want to build anything up and raise people. You want to tear it all down and bring them down to your level. You keep talking, bright boy, and let the interested readers see exactly what your agenda is. tinyurl.com/PrayF0rMe
Horny Toad

Dahlonega, GA

#25 Sep 18, 2011
AC0G wrote:
Well come on, Henry Ford. Let's see what kind of factories you're putting together and what kind of employment you're creating. What? You're unemployed? You haven't had a job since when? Maybe the problem isn't the politicians but the malcontents - I can't call you a misfit since you don't even live here - who tear every little thing down. You don't want to build anything up and raise people. You want to tear it all down and bring them down to your level. You keep talking, bright boy, and let the interested readers see exactly what your agenda is. tinyurl.com/PrayF0rMe
Don't be so hard on MV... you know, his "newspaper" is going to bring in a lot of jobs to Union County. Soon he will ride in on his white horse and save the day, because we're all too lazy and pathetic in Union County to do so. We all need an unemployed nutjob to do our bidding for us. All hail the great Mountains Voice, our fair leader who speaks to The Mountain.

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