$37M Agile Cold Storage bond resolution also approved by board members

Development authority approves purchase agreement for Cloverleaf Drive property

By JAMES SWIFT
Posted 12/31/69

Members of the Development Authority of Bartow County voted unanimously Thursday morning to approve a purchase agreement with Ankle and Foot Centers of Georgia, Inc. for a roughly 8.3-acre parcel off …

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$37M Agile Cold Storage bond resolution also approved by board members

Development authority approves purchase agreement for Cloverleaf Drive property

Posted
Members of the Development Authority of Bartow County voted unanimously Thursday morning to approve a purchase agreement with Ankle and Foot Centers of Georgia, Inc. for a roughly 8.3-acre parcel off Cloverleaf Drive. 

“It’s on a property that’s across Highway 41 from the hospital,” said H. Boyd Pettit III, the authority’s legal counsel. “It’s part of the Collins estate property.”

Bartow County Commissioner Steve Taylor said the Clarence Brown administration originally wanted to use the site — situated near the Highway 41/Highway 411 interchange — as the location of a new fire department headquarters building. 

“Since then, the County’s obtained a couple of acres over by Station No. 1 and we felt like it was more practical, with the fire department’s leadership, to build that headquarters right by the fire station,” Taylor said. “It would actually save a lot of money, and therefore, that allowed us to surplus this property.”

At one point, Taylor said the County was in talks with a developer regarding a possible nursing home facility at the site — which he said didn’t pan out, “for many reasons.”

Taylor said the proposed project calls for a new medical complex, although at this point, he said he didn’t have any details regarding the footprint of the building.

“They’ve told us that it’s not going to be anything retail or strip center or anything like that, it’s all going to be tied into medical services for our community,” he said. “We thought it was a good fit and it was time to move that property and get it off the County’s surplus property list and on the tax digest.”

Pettit noted the Georgia Department of Transportation does have some easements on the parcel.

“The proposal from the County is to convey that property to the Development Authority,” he said. “In addition to the motion to accept the deed, which I have prepared for the County to the Development Authority, we would also be authorized to enter into a purchase and sale agreement between the authority as the owner of the property and the Ankle and Foot Centers.”

Taylor said the developer and the Bartow County Community Development Department are still negotiating a transaction price. 

“We haven’t even gotten a contract yet,” he said. “Within the month, we’ll have all that worked out.”

The Bartow County government has requested that the parcel at 65 Cloverleaf Drive be rezoned from C-1 commercial to office/industrial use. The matter is set to go before the Bartow County Planning Commission at a public meeting scheduled Nov. 2 at 6 p.m. at 135 West Cherokee Ave. in Cartersville.

The board also voted unanimously to approve a $37 million bond resolution for Agile Cold Storage. 

The authority approved an inducement resolution for the project off Hamilton Crossing Road near Highway 411 last month.

“Those bonds are solely repayable from the lease rental, where the authority turns around, of course, and leases the property back to the company,” Pettit said. “There is no obligation on the part of the State, no obligation on the part of the County nor any city or this authority to repay those bonds — they’re solely to be repaid from the proceeds by the company.”

Taylor previously told The Daily Tribune News the company looks to invest about $31.6 million into the Bartow project. A press release from the office of Gov. Brian Kemp estimates the 150,000-square-foot refrigerated warehouse will bring about 70 new jobs to the community. 

Authority members also approved an amended memorandum of understanding (MOU) with the Georgia North Logistics Center 2, LLC development. Earlier this year, the authority approved a $30 million bond resolution for the project along International Parkway in Adairsville

“It is one of the new Ashley Capital buildings that’s up there,” Pettit said. “We worked with them as they were looking at that building and that site, the City of Adairsville was very cooperative with them in terms of getting a 54-acre site.”

Pettit said the building is now virtually completed.

“At the time we met, Georgia North Logistics was in the process of building out the building for a tenant,” he said. “The tenants have changed … and we still have the jobs provision, and we still have the investment provision. There was never any equipment, as you may recall, to be a part of any tax abatement process at all, and there still is not.”

Members of the authority approved both a supplemental bond resolution and tax agreement acknowledging the sublease to tenants LG Hausys America and Ball Metal Beverage Container Corp.

“One of those is existing in a neighboring community and they are in desperate need of additional space,” Pettit said. “So we are excited to get both of these companies to come into Bartow.”

Pettit closed out the meeting with more details on the tax abatement package for the development. 

“That period of time shortened, because it is building only,” he said. “So it is a five-year graduated abatement.”