Deal announces OneGeorgia job creation and investment awards

March 6, 2012

Gov. Nathan Deal and members of the OneGeorgia Authority Board today approved $9 million in grants and loans from the OneGeorgia Authority’s portfolio of financing programs. These awards will assist with a variety of economic development projects in rural Georgia aimed at creating jobs, stimulating new private investment, supporting the retention of existing jobs and enhancing regional competitiveness through capacity-building projects.
“In these tough times, investment in the private sector and development of Georgia’s infrastructure are key to revitalizing our economy and creating jobs,” Deal said. “I look forward to the growth these grants will help provide, particularly in our hardest-hit communities.”

The five Economic Development Growth and Expansion (EDGE) awards, totaling $7,550,000, are leveraged against approximately $551 million in total project costs and are projected to create more than 1,652 jobs as well as retain an additional 657 jobs.

Savannah Economic Development Authority/Mitsubishi Power Systems Americas, Inc.
• EDGE award: $3 million; total project cost: $352,012,974
• Total jobs: 500 new jobs by Dec. 31, 2016; interstate competition: Alabama, Florida and South Carolina

Development Authority of Elbert County, Elberton and Bowman/Hailo, LLC
• EDGE award: $300,000; total project cost: $10,750,152
• Total jobs: 125 new jobs within three years; interstate competition: North Carolina

Development Authority of the City of Milledgeville and Baldwin County/Triumph Aerostructures, LLC
• EDGE award: $1 million; total project cost: $36,624,704
• Total jobs: 250 new jobs and 478 retained jobs by Dec. 31, 2014; interstate competition: Florida, Tennessee and Texas

Development Authority of Columbus, Georgia/United Technologies Corp., acting through its Pratt & Whitney division
• EDGE award: $250,000; total project cost: $19,306,000
• Total jobs: 177 new jobs and 179 retained jobs by Dec. 31, 2014; interstate competition: Oklahoma

Rome-Floyd County Development Authority/Lowe’s Home Centers, Inc.
• EDGE award: $3 million; total project cost: $133,207,133
• Total jobs: 600 new jobs within three years; interstate competition: Alabama
The Equity Fund assists communities and regions in building the necessary infrastructure to support economic development. Two Equity awards, totaling $1,448,000 are leveraged against approximately $1.98 million in total project costs.
Joint Development Authority of Franklin, Hart and Stephens Counties – Enhancing regional competitiveness/broadband
• Equity loan award: $150,000; Equity grant award: $798,000; total project cost: $1,348,000
Wayne County Industrial Development Authority – Enhancing regional competitiveness/Building purchase
• Equity loan award: $500,000; total project cost: $635,000

The OneGeorgia Authority was created with one-third of the state’s tobacco settlement to assist Georgia’s most economically challenged areas. The OneGeorgia Authority is expected to receive approximately $1.6 billion over the 25-year term of the settlement. From the authority’s inception to date, OneGeorgia has given 539 awards, totaling more than $320 million, leveraged against total project investment of more than $8 billion. This is a return on investment of 25 to 1 and has impacted 139 economically depressed counties. More than 57,000 jobs have been retained and created.