Grant & Loan Awards: Meriwether County


Equity

Meriwether County

Equity Fund: $500,000

Awarded: 03/07/2008

Applicant: Manchester, Development Authority of the City of


Description:
Equity funds to acquire 22 acres and a 350,000 square-foot building located on the 37-acre former Goody’s plant location at 1000 West Main Street. The building was originally built in 1969 and expanded in 1979. The Development Authority of the City of Manchester (DA) already owns buildings and 15 acres of the site and seeks to own and control the entire plant site. Upon securing the facility, the DA plans to make needed repairs to the roof and electrical system. The DA proposes to market the entire facility as speculative space for the recruitment of prospects. This is an excellent local economic development marketing strategy given the addition of the Kia plant in nearby West Point. With the new plant, many Kia suppliers will be looking for available industrial space as they locate to the region over the next few years. The DA has a prospect that is currently considering the site. If the Company locates to Manchester, then it would mean 140 new jobs immediately and 300-400 after five years.


Total Budgeted Project Cost: $1,696,500


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