6,000 jobs at Exit 6?
http://jacksonville.com/news/georgia/2010-03-28/story/legislation-a%20ims-entice-6000-jobs-camden
NOTE WELL: Before you usual suspects go on the TAD warpath, note that the SALES TAX concessions described in this article are NOT associated with a Tax Allocation District. It may turn out that a TAD is involved, but that is DEFINITELY NOT what this article describes.
Here is a link to the actual bill:
http://www.legis.state.ga.us/legis/2009_10/fulltext/hb1251.htm
Sunday, March 28, 2010
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7 comments:
I believe that the commenter inadvertently posted this comment to the wrong subject. I've answered it there and now here.
Anonymous said...
Good work Jay....
Did you read the article in the Augusta Chronicles posted on topix. Do you believe it is worth it to give Drury his dream in exchange of 6,000 jobs?
March 28, 2010 8:35 PM
Jay Moreno said...
Yes, and from what I've read, I've seen no mention of this being a Drury project. Are you certain it is?
Regardless, I think the relatively minor tax concession is a win-win deal for the company and Camden County.
Let's review. It is NOT a TAD, ergo, they will pay all of their ad valorem property taxes.
The break they will get will be taken out of sales taxes for 10 years. Here's how it will work.
To simplify the math, let's assume that the total cost of building the facility is $100,000,000. The bill would allow them to retain sales taxes up to 2.5% of the total every year for ten years. Obviously, that is $2.5 million annually for ten years for a total of $25,000,000, or 25% of their total cost. Any annual sales taxes in excess of $2.5 million in each of the 10 years would be remitted to the state. After 10 years, 100% of sales taxes would be remitted.
That concession is peanuts relative to the overall positive economic impact on Camden.
I'm all for it.
" The bill would allow them to retain sales taxes up to 2.5% of the total every year for ten years."
Clarification: That's up to 2.5% of the total cost of the contruction vice the sales taxes.
All the mis-informed folks have found a forum. This has zero to do with Drury. It is for developers who are looking to tap into the Disney world traffic with some thing to pull them from the interstate. This is not some pie in the sky deal. This is a real deal for Camden. Not Druryland stuff.
The very moment that this project gets the final green light, the high school and the college need to put together programs of training for careers in retail marketing management.
Anonymous said...
It is not Drury's project. It is totally unrelated to his venture. The location is for a spot to attact tourists to a major shopping project/tourist attraction. It would be a unreal shot in the arm for Camden.
Drury was the one who approached Hill about this venture.
I saw that. However, Emily did not make it clear what Drury's business relationship - if any - is with the developer. I've got an e-mail in to her now and anther to Jill wondering why the cautionary editorial. This is not a TAD and has nothing to do with Drury's project, at least not directly. I don't see the risk to the taxpayers the T&G alludes to. I'm sure he figures that if this thing comes to pass, it would greatly enhance his chances of finding financing for his Laurel Island project. And, of course, he's right.
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