IDA to buy Traco building, lease to new industryPublished 12:39pm Friday, May 17, 2013
The Bainbridge-Decatur County Industrial Development Authority voted unanimously Thursday to pursue the purchase of the building in the Decatur County Industrial Park formerly occupied by Traco.
The Authority would then lease the building to Global Air, Inc., a manufacturer of automotive air-conditioning components and a supplier to every major automobile manufacturer in the world. Global Air is a privately held company based in Miami Gardens, Fla.
Initially, the company would employ roughly 75 people. After two planned expansions over the course of a few years, the staffing would increase to roughly 250.
“We are excited that a company the caliber of Global Air has expressed an interest in investing and expanding to Bainbridge and Decatur County,” Authority Chairman Keith Lyle said. “It is now our job, as a development authority, to do everything possible to complete this transaction and help Global Air begin operating here.”
The purchase price of the 177,970-square-foot building on 27.8 acres is still being negotiated. The Hart Corporation has the property listed for $1.95 million.
During the same meeting, the Authority voted unanimously to ask the Decatur County Board of Commissioners to extend a 10-year property tax abatement to Global Air. After the initial 10 years, the company would begin paying some property taxes, although it would increase its payments gradually. In year 11, the company would pay 10 percent of what it would normally be assessed on its property tax bill. In year 12, the company would pay 20 percent of its normal assessed tax bill, year 13 would be 30 percent, and so on until 100 percent in year 20.
“We intend on offering an aggressive tax package as an incentive for Global Air to locate and operate here,” Authority Executive Director Rick McCaskill said. “In this current competitive climate, this type of incentive is necessary.
“That front corner of the industrial park where the building is located is important and we are excited that a great company like Global Air could possibly locate there.”
Since last fall, the warehouse portion of the building has been used for dry peanut storage. However, the process of removing the peanuts and clean up of the building has begun and is expected to take 60 days.