The Rome-Floyd County Development Authority on Tuesday completed the paperwork associated with financial details for the project, including a $14.9 million bond resolution, lease agreement and payment in lieu of taxes agreement.
SEM acquired the former Eagle Rock distribution center, a Budweiser distributor, last year and will be providing 25 new jobs by 2013.
SEM plans to consolidate its corporate offices in the renovated complex and add production lines to its growing variety of food products.
The company will enjoy a five-year ad valorem tax abatement, but will continue to pay school taxes. The agreement calls for the firm to make an annual payment to the RFCDA in the amount of $9,312.50 during the five-year term of the tax abatement.
In other business, the RFCDA agreed to have the Development Authority of Floyd County serve as the lead permittee for a Section 404 Wetlands permit at the new North Floyd Industrial Park at Ga. 140 and Ga. 53. Blaine Williams, assistant Floyd County manager, said the Corps of Engineers is not used to having two agencies serve as joint permit holders for a wetlands permit.
Williams suggested that the permit would ultimately be transferred to whatever firm decides to locate on the tract in the North Floyd Industrial Park. “I think we’ll all be glad when we land that first big fish,” he said.
County Manager Kevin Poe told members of the RFCDA that the proponents of the 74-court Tennis Center of Georgia are working on some architectural refinements for the proposed complex in Armuchee with plans to resubmit the project for state bond financing in 2011.
City Manager John Bennett said the refined plans would also be used to help generate private investment in the project as well.