News

FCDA Releases FY 2008 Annual Report

by Matt Forshee • July 17, 2008

What a good year FY 2008 was! At the end of my second year here at FCDA, I’m happy to report that things keep getting better for economic development in Fayette County.

We close out the FY with an increase in project activity across the board over last fiscal year. Our leads are up 3.7%, our requests for proposals are up 4.3% , our initial visits by companies are up 15.4% and our repeat visits by companies are up 11%.

Overall this year, we helped a number of companies locate in Fayette County. We helped these companies by identifying available property, answering taxation questions, helping them become integrated into the local business community and helping them receive local and state grants & incentives where available. Some of our location successes include: Chinese manufacturer Sany America; aviation company Global Aero Logistics; military logistics company The Ginn Group; and German technology company Hoffmann + Krippner. Additionally, after many years of work, Clayton State University opened a campus in Fayette County.

Of the projects we assisted with and which located in Fayette County in FY 2008, we project the following impacts:

• There will be 750 jobs created from these projects, most of which will be filled as new positions. These position will see an annual average salary of approximately $55,000 for a total annual payroll of $41,250,000.

• There will be over $175 million in direct investment through all phases of these projects. This includes purchasing of land, developing buildings and buying and installing equipment.

• Annually, these projects will create an estimated $5,000,000 in property taxes. However, during the first 10 years of operation, these projects will save an annual estimated average of $2,251,867 in property tax payments due to tax incentives they received. Still, these projects will create an estimated annual average of $2,748,132 in property taxes during that same initial 10 year period. Depending on phasing, some of these initial 10 year savings and payments will be carried out over different 10 year periods. So, over 20 years, these facilities will create an estimated $77,481,320 in property taxes.

To see a detailed copy of the annual report, download it from the link below.

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