Grant & Loan Awards: Polk County
Equity funds to assist with the development of a regional comprehensive marketing/tourism plan to effectively position the Hwy 27 corridor and the associated 18 counties as a travel and tourism â€œdestination of choice.â€ The Hwy 27 Association was formed to promote economic development, tourism and the protection of cultural and scenic resources along US Hwy 27, which runs 352 miles along the western portion of the State. The Association's 18 member counties seek to build on their existing tourism industry and develop additional products. The group has provided $52,000 of in-kind work/investment to-date, and they recognize the value of developing key partnerships and alliances. These include working with GA DOT on their plans to four-lane Hwy 27. Add 18 counties
BRIDGE grant funds will be used to assist with the cost of a Georgia Institute of Technology TechSmart study by Techâ€™s Enterprise Innovation Institute to facilitate a planning process to create an information infrastructure â€œtechnology roadmapâ€ for each of the four northwest Georgia counties of Polk, Chattooga, Floyd and Walker. The counties will work together on a regional strategy for enhancing and better utilizing their information infrastructure. Specifically, the study will target the needs of the automotive industry to help the region realize its goal of becoming the â€œAutomotive Alleyâ€ and increase its competitiveness for attracting automotive suppliers. The regionâ€™s comprehensive plan includes the goal of improving telecommunications, including creating partnerships and educating leaders for this purpose.
EDGE funds to assist with building construction costs in support of the expansion of Engineered Fabrics Corporation (EFC), an aircraft equipment manufacturer located in Rockmart. EFCâ€™s parent company, Meggitt-USA, Inc., is a subsidiary of Meggitt, PLC, a UK-based aerospace and defense contractor that designs and manufactures equipment, sensors and systems for the aerospace and defense industries. The Rockmart facility, currently employing 514, represents the third largest employer in Polk County. Due to a recent award of a $37.6 MM contract by the U.S. Dept. of Defense to provide fuel cells for military aircraft, EFC plans to construct a 60,000 SF building located on an 18-acre tract adjacent to the current 564,000 SF facility. The new facility will support production lines for de-icing equipment and helicopter interior upholstery manufacturing which will allow for the necessary space in the main facility for the increase in fuel cell production. This project will create 200 new jobs and provide $6 MM in private investment within 2 yrs. GA was in competition with FL and AL.
EDGE funds to purchase a speculative building located in the Cedartown North Business Park. The speculative building will be leased to J.C.M. Industries, the parent company of Advance Storage. Advance Storage, currently staffed with 36 employees, will add another 59 employees by 2005 with an annual payroll of $2.85 million.