Grant & Loan Awards: Worth County


Equity

Worth County

Equity Fund: $500,000

Awarded: 06/24/2009

Applicant: Worth County Economic Development Authority


Description:
Equity funds to assist with the acquisition of 205 acres of land adjoining Worth County South Industrial Park in Sylvester to expand the Park. Worth County (WC) is located in SW Georgia and bordered by 7 counties with 62% of its workforce commuting to another county to work each day. Current unemployment rate is 8% and expected to rise due to the recent devastating news that Cooper Tire will close its Albany facility, resulting in the loss of 2,100 jobs. This will have an adverse impact on WC who has 180 residents employed by Cooper Tire. WC’s two industrial parks are at capacity and a lack of suitable industrial sites has been recognized by the EDA as a limiting factor to its economic development. Availability of sites located on a 4-lane (US Hwy 82) in close proximity to interstate routes (85, 75, and 95) and with utilities available is a tool that will enable the EDA to market the county more effectively. The selected site also has rail abutting its south border. Having regional significance, commissioners in Lee, Colquitt and Mitchell Counties have endorsed this application.


Total Budgeted Project Cost: $2,045,900


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