Revenue bonds for three projects totaling $565 million approved
The Macon-Bibb Industrial Authority, Ga., took one of the last steps Wednesday in finalizing inducement bonds totaling $565 million for three major developments.
The taxable, industrial revenue bonds are arranged and facilitated by the Macon-Bibb County Industrial Authority as an incentive to help the companies finance their projects. The companies are responsible for paying off the bonds.
The bonds approved were $400 million for Irving Consumer Products, $100 million for Amazon.com's real estate and equipment and $65 million for an expansion at Tyson Foods. The three projects are expected to create more than new 800 jobs.
The projects previously reported by The Telegraph and the job expectations for each are:
- Tyson Foods Inc. announced in June it plans to add 163,000 square feet to its existing 182,000-square-foot warehouse and distribution center in the I-75 Business Park off Hartley Bridge Road and Interstate 75. It plans to add more than 100 jobs with the expansion, which was scheduled to be completed late this year.
- Irving Consumer Products Inc. announced in August it would build a 700,000-square-foot manufacturing plant on 136 acres in the Sofkee Industrial Park off Ga. 247 and Allen Road. The building is expected to be completed in 2019, and the company plans to create about 200 jobs.
- Amazon.com announced in October it plans to build a 1-million-square-foot fulfillment center on about 97 acres on Sardis Church Road at Skipper Road in south Bibb County. It is expected to employ more than 500 full-time people and up to 1,000 workers during its peak season. Construction is expected to begin this year, and it is expected to be in operation in late 2018.
The authority gets an administrative fee of 1/8 of 1 percent for arranging the bonds, which is the standard fee, said the commission's attorney, Kevin Brown. The total fee for all three projects is $706,250. Some expenses for handling the transactions come out of this fee.
Chairman Robby Fountain said putting the projects together took several partners including the local and state governments, the Macon Water Authority and the Bibb County school district.
"That's what makes these projects come together," Fountain said. "In 2017, over 1,000 jobs and $560 million worth of investments and $40 million worth of new payroll in Macon-Bibb alone — this is unheard of — what we've done in a year. … Kudos to all these partners. … It's just been an awesome year."