The Catoosa County Economic Development Authority invests in land to generate tax revenue, not give it away.
Northwest Georgia Technical College needs a suitable site to build a satellite campus in Catoosa County. And while the prospect of the college coming to an industrial park on Alabama Highway/state Route 151 might suit the needs of higher education, it would cost taxpayers more than $2 million now and additional revenue for years to come.
Suggestions that 50 acres of prime commercial real estate be given to the state college seem to run counter to why the county bought the land in the first place, according to CCEDA board Chairman Randall Peters.
Peters said the county government borrowed $2 million to buy the parcel located at Holcomb Road as an investment for taxpayers.
"The whole idea was to generate tax dollars," he said. "The development authority would like to see Georgia Northwestern have a campus in the county, but that land is removed from the tax rolls forever if we give it to the college - and we would still owe money on it.
"I don't feel the taxpayers can afford to give away a county-owned asset, particularly one we think could be a good investment long-term."
During their February meeting, the CCEDA board was told that the beginnings of an economic recovery has led to renewed interest in the county's property.
"Typically, over a 60-day period we've had two or three, maybe four, inquiries about available property," said Mike Gary, of Panattoni Development Co.'s office in Atlanta. The Califorina-based firm that is one of the country's largest real estate developers partnered with the county to market the industrial site in 2009. "Since Dec. 12, 2011, there have been nine significant inquires."
Of the recent inquiries, both of which are confidential, Gray said one was for developing an approximately 30-acre tract, the other was for a potential manufacturing facility of between 115,000 and 125,000 square feet under a roof.
Saying the overall market for commercial property is improving, Gray noted his company did about $500 million dollars in business during all of 2011, while deals during the first two months of 2012 have already amounted to about $350 million.
"It is trending the right way and I'm encouraged," he said, concerning Catoosa County. "We've been getting good looks, but not good enough."
To help marketing efforts outside Georgia, Gray said he hopes to add a Chattanooga-based broker at no additional cost to the county.
The aggressive marketing of Tennessee, particularly its willingness to offer incentives to businesses, has been an advantage in recruiting such companies as VW, Wacker and Amazon, he said.
"I'd like to establish a better partnership with the Chattanooga market," Peters said. "We [Catoosa County] are in their [metropolitan statistical area] and they always pitch our resources as part of their marketing efforts."
Gray said that since his firm is retained on a strict commission basis, any costs for additional broker services would be paid by Panattoni.