Business: Econo Lodge planned off Martha Berry in Armuchee; already for sale. Economic Development Authority meets Tuesday.

Business: Econo Lodge planned off Martha Berry in Armuchee; already for sale. Economic Development Authority meets Tuesday.

 

Google map shows Econo Lodge site in Armuchee.

Econo Lodge is under construction of Martha Berry, near Glen view Drive: Scheduled to be completed by July, the hotel is scheduled to include 31 extra large rooms with full kitchen. A two-story, four-bedroom home will be connected to the property as well. The project is listed for sale for $2 million on the commercial real estate site LoopNet.


The Rome Floyd County Development Authority meets Tuesday at 7:30 a.m. in the conference room at the Rome Floyd Chamber, 1 Riverside Parkway. The agenda includes: Financial updates; prospect reports, website update, housing summit, office relocation and a closed session to discuss real estate.

Also, minutes from the development authority’s Jan. 21 meeting show:

Financial report: Doc Kibler gave the financial report explaining there is roughly a $200,000 increase on the Balance Sheet compared to December 31, 2018.  Doc explained that PILOT fees are the main revenue source and that the amount fluctuates depending on when a PILOT will expire.  The current balance is $353,744.  The December 2019 financials were unanimously approved on a motion by Scotty Hancock and a second by Scott Preston.  Jimmy Byars, Kibler and Mark White voted in favor.

Balta/HK Shannon Resolution: The Rome Floyd County Development Authority approved a bond resolution for $8 million for HK Shannon.  HK Shannon, a real estate investment company, is selling to Plymouth LLC so bond documents need to be transferred to Plymouth and to Balta.  HK Shannon will retain 60 acres and pay taxes on that parcel.  Doc Kibler made a motion to approve the transfer with Scotty Hancock seconding.  Byars, White and Preston voted in favor.

Marketing/Prospect report: Missy Kendrick gave the Marketing Report explaining there are two additional projects since the last meeting for a total of 33 active projects, $1.3 billion in capital investment and 3,300 jobs. 

2020 Job Tax Credit Tier Ranking: Missy Kendrick explained that the new tier rankings have Floyd County moving from a Tier 3 to a Tier 2 which increases the job tax credit companies can receive if they decide to expand and add employees during 2020.  Floyd County also lost three Less Developed Census Tracts.

 

 

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Doc Kibler, Secretary

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