The Development Authority of Bartow County unanimously approved a motion at Tuesday morning's meeting to authorize the issuance of taxable industrial revenue bonds — in an amount not to exceed …
The Development Authority of Bartow County unanimously approved a motion at Tuesday morning's meeting to authorize the issuance of taxable industrial revenue bonds — in an amount not to exceed $42.5 million — to help facilitate an expansion of Vista Metals Corp. operations in north Bartow.
"They continue to grow and continue to love this area out here," said H. Boyd Pettit III, the Authority's legal counsel. "They are in the process of closing on another 160 acres or so in Adairsville."
Pettit said the bonds will be in the name of "Vista Metals Corp. Specialty Alloys, LLC." He said he anticipates the bonds being validated on Dec. 12 and is optimistic Vista Metals will close on the deal by Dec. 19.
The resolution, he said, provides indemnity for the Authority.
"It states that this is not a debt or an obligation of the County or the City of Adairsville, nor of this Development Authority," he said. "The proceeds to repay the debt in connection with this and the responsibility therefore is purely the responsibility of the company, no other entity."
In terms of promoting things like quality workforce and environmental stewardship, Cartersville-Bartow County Department of Economic Development Executive Director Melinda Lemmon said Vista Metals has been an outstanding community partner ever since they came to Bartow in 2009.
"The economy had taken a nosedive and they were one of the first companies to come to Bartow County as a new face at a time we really needed them," she said. "It's an incredible company in terms of corporate citizenship, and all those things that you as decision-makers like to hear about … they are really a poster child for all of those things."
Bartow County Commissioner Steve Taylor likewise lauded the California-headquartered aluminum products manufacturer.
"They make a real effort to use local vendors," he said, "like some of the local trucking companies."
While Pettit had few details on what Vista Metals' growth plans would entail — such as new job estimates — he did say he expects the expansion to get underway next year.
"We have worked with the commissioner's office, we have worked with the tax commissioner's office," he said, "to be sure this new phase can be broken off to begin a new set of abatements in connection with the company and their expansion."
At the same meeting, the board also unanimously approved an amendment to a joint easement parking agreement, which would allow LakePoint Sporting Community property owners to sell two lots of land near the indoor pavilion and, if need be, develop new parking spots on the lot in front of the pavilion.
"Lots one and two are out close to Stars Way, where the water detention is," Pettit said. "We still have the lot out in front of the pavilion that can be used for additional [parking] … we've already verified that there's sufficient property down there for there to continue to be 409 [spaces.]"
Pettit concluded the meeting with a brief update on the $30 million Loloi, Inc. distribution center, currently in development along Cass-White Road on a 59-acre tract in-between Peeples Valley Road and the KOA Kampgrounds.
"You have approved for them a bond issuance — we have not yet brought to you the final bond resolution, so it's not been filed yet, but I'm anticipating that it will be in early 2019," he said.
The meeting concluded with the board unanimously approving one final motion concerning that distribution center — one that allows the Authority to request a Georgia Department of Community Affairs Regional Economic Business Assistance (REBA) program grant application, initially centered on the center's fire suppression system, be modified to apply to the center's racking system.