Vista Metals’ $15 million third phase moved through the next step Friday morning.
The Development Authority of Bartow County adopted a resolution to issue bonds for the Adairsville facility’s expansion. The tax exempt bonds will be paid with the company’s revenue.
Boyd Pettit said the work will primarily consist of a new building and furnaces, and would create 25 jobs.
“I hope what you would find from the businesses that you are aware of that have located here ... What you have is a community that is interested in seeing an expansion of the tax base but also bringing in good quality jobs so that people can not only live here but can work here and play here as well. You have a balanced community,” Pettit said.
The aluminum extruder invested $25 million originally, followed by a first expansion of $18 million. Although dirt has not moved on the third phase, Pettit said, “Vista Metals already is working on this third phase now.”
The authority in August approved an inducement resolution for the manufacturer’s development.
“Inducement means that we agree that it’s a good fit for the community; it’s obviously good economic development. It’s jobs, either preservation of jobs or creation of jobs, and opportunities in the community,” Pettit said. “We tell the company that we will agree, assuming no substantial changes, to issue bonds at some point in the future and that way they can recapture those costs they are spending.”
On Friday the development authority approved an inducement resolution for Georgia Power.
“Another good piece of news in connection with Georgia Power is that they are interested in spending some additional money out at Plant Bowen. In order to be able to recoup those monies that are being spent, they have to have in place an inducement resolution, as we’ve done for other companies and have done for the power company as well,” Pettit said. “What’s anticipated in connection with this will be some replacement construction, equipping in connection with their ash ponds and drainage systems, the industrial wastewater facilities out at Plant Bowen. They want to make these improvements in order to better comply with the EPD standards and so forth that they are required to comply with.
“... They anticipate, although they have not given me the numbers, that this will preserve or increase employment opportunities, and of course, what’s important from our perspective, the continued operation of the plant. They are asking us to say to them that we will induce you to issue these bonds allowing them to recap their costs, the proposed estimated costs for these improvements is $750 million.”
Pettit told the authority it is estimated Georgia Power will approach in about a year for the bond resolution and actual issuance of the bonds.
“The timing of that will have a lot to do with the market and interest rates, so we will see,” he said.
In other action, the development authority:
• Adopted a resolution for replacement of a bond trustee for Georgia Power.
• Approved continued membership in the Cartersville-Bartow County Chamber of Commerce.