Standard textile presents IDA with $12 million proposal, Standard commits 30 more jobs
The Thomaston–Upson Industrial Development Authority approved a bond resolution during last week‘s regularly scheduled meeting for the issuance of a $12 million bond to Standard Textile.
According to IDA Attorney Joel Bentley, “The IDA was approached last month by Standard Textile, they love to come in at the end of the year and they want to invest approximately $12 million in their personal property infrastructure in the Thomaston–Upson County plants.”
The Cincinnati–based manufacturer has committed to the creation of 30 jobs over a three–year period at the Thomaston facility if the proposed bond is completed.
Standard maintains a proven track record of job creation following bond issuance in Thomaston after exceeding projections for job creation in each bond issued since 2013.
The firm was responsible for the creation of over 29 jobs through a $7 million bond issuance in 2013, and exceeded another projection by creating over 56 jobs following a $7 million issuance in 2016.
Bentley claimed, “They have got some hires that they have made off of stuff that they just purchased that are not covered under any of their bond issues. They have agreed to keep and maintain that employment for the full eight–year period. They increase jobs for next year by seven jobs and increase jobs the next year by five.”
The specifics of the IDA‘s agreement with Standard Textile will require their compliance with their employment agreement in order to receive property tax abatement.
Bentley noted, “We do not give them money up front. They have to go get it every year that they have that capital asset on the books and that they have those people employed. If they do, then they get full credit. If they do not, they pay more tax.”