Community & State Incentives
Businesses that choose to locate in Cordele-Crisp County may also benefit from a number of possible financial incentives.
• Energy Incentives
• Financial Incentives
• Tax Credits
• Tax Exemptions
• Tax Incentives
INDUSTRIAL REVENUE BOND FINANCING Both taxable and tax-exempt industrial revenue bond financing is provided through two local development authorities within Cordele/Crisp County. We have the ability and experience to structure either an owner-occupied or lease-back project. This mechanism affords fixed asset financing for manufacturing projects (based on availability at time of request). In addition to the bond financing, the CCIDA can assist companies in exploring alternate financing programs such as those offered through the U.S. Small Business Administration and other business lender programs.
504 PROGRAM Administered through the River Valley Regional Commission, this program represents another opportunity for long-term fixed asset financing that can be coupled with local bank participation to provide your company with both competitive rates and terms on land, building and equipment.
FMHA AND CDBG PROGRAMS The Farmers Home Administration Business and Industry program provides a 90% guarantee up to $2 million with its fixed asset program. The Georgia Department of Community Affairs administers the Community Development Block Grant program to cities and counties. The grant is then loaned to eligible companies, increasing and/or retaining employment, at less than prime interest rates. Both the City and County maintain a revolving loan fund (RLF) through the CDBG program.
LOCAL REVOLVING LOAN FUNDS (RLF) Both the City of Cordele and Board of County Commissioners administer revolving loan funds capitalized by CDBG projects previously approved by the State of Georgia. Rates for fixed asset financing range from two to one-half points below prime while terms are generally determined by the economic life of the asset financed. Fund balances will vary as loan payments are made.
ALTERNATIVE SOLUTIONS The CCIDA Board of Directors will assess the overall economic impact of each project to determine potential areas where additional incentive measures could be appropriate. Such incentives may range from requests for state grant assistance to discounted site costs for publicly owned industrial sites to other areas of consideration as identified by prospects during the site selection process.
PROPERTY TAX SCHEDULE The Crisp County-Cordele Industrial Development Authority may develop a revised tax schedule for new Real and Personal property for qualifying projects. This approach is intended to offer the greatest benefit in the early years of the project for qualifying companies. Projects must satisfy certain financial requirements as well as new job creation, payroll and capital investment thresholds to take advantage of this program.
A complete breakdown of the 2016 local ad valorem tax effort is as follows:
TAX RATE X 40% RATIO = EFFECTIVE TAX RATE
The following represents the tax savings you could expect to receive under the 2016 mill levies:
SINGLE FACTOR APPORTIONMENT Corporate income tax is based only on the company's gross receipts, or sales, in Georgia.
FREEPORT INVENTORY TAX EXEMPTION Both Cordele and Crisp County offer a Freeport 100%, tax exemption on the following classes of personal property:
GEORGIA TAX EXEMPTION ON ENERGY USED IN MANUFACTURING The use of electric energy which is necessary and integral to the manufacture of tangible personal property at a manufacturing plant in Georgia will be exempt from all sales and use taxation except for the ELOST. This includes energy used directly or indirectly in a manufacturing facility.
GEORGIA JOBS TAX CREDIT This incentive will provide the company with a state corporate income tax credit of $4,000 for each new job created. The company is entitled to the tax credit provided they hire 2 or more full time employees. Click here to view the 2016 Job Tax Credit/One Georgia Tiers Map.
EDUCATION TAX CREDIT The company is also eligible for a $150 corporate income tax credit for each employee successfully completing an approved employer provided basic skills education program. Firms providing retraining for employees may receive a tax credit of 50% of their costs, up to $500 per participant, to a maximum of 50% of state income tax liability.
Other Local Incentives
ELECTRICAL POWER SAVINGS Electrical power costs have ranged less than other major Georgia utility companies during the past 10 years due to our generation of low-cost, debt-free hydroelectric power and because of being a founding member of the Municipal Electric Authority of Georgia (MEAG). Providing a sample bill showing usage (KWH) and demand (KW) will enable us to provide you an example of specific cost-savings.
EMPLOYEE RECRUITMENT AND TRAINING ASSISTANCE The Cordele-Crisp Industrial Development Council will also, upon request, coordinate assistance provided by the local Georgia Department of Labor office, South Georgia Technical College and the River Valley Regional Commission to provide the company maximum utilization of all available labor recruitment and training programs. The Georgia Quick-Start Training, the State's premier training program, is available for the majority of business & industry relocations. The local Georgia Department of Labor office will also effectively recruit, interview and screen prospective employees for your company.
Please call, email, or write with any questions, comments, or request you may have. We are happy to assist you in any way possible. Thank you for your interests and we look forward to hearing from you.
CORDELE - CRISP INDUSTRIAL DEVELOPMENT COUNCIL
202 S. 7th St, PO Box 38 (31010)
Cordele, Georgia 31015
Grant C. Buckley, Esq.
Phone: (229) 273-9570 Fax: (229) 273-9571