ROME, Ga. (AP) — A Colorado company that makes aluminum cans and cups is buying land in northwest Georgia to build a $51.8 million distribution center that will add 70 jobs.
Ball Corp., of Westminster, Colorado, will pay the Rome-Floyd County Development Authority and Development Authority of Floyd County about $3.8 million for the land. The company plans a 750,000 square-foot (70,000 square-meter) warehouse and distribution center for the 109-acre (44-hectare) site.
The Rome News-Tribune reports directors of the two development authorities approved the sale Tuesday.
Ball two years ago bought another parcel of land, but concluded the property wouldn't work. The company makes aluminum cans and recyclable aluminum cups at two Rome-area plants.
Ball negotiated a payment in lieu of property taxes of $64,813 annually for 10 years, the Rome-Floyd County Development Authority said
The first three years, Ball will receive a 100% tax abatement. The next three years Ball will get a 75% tax break, then a 50% tax break for years seven though nine and a 25% break in year 10.
The sale will pay off the remaining debt on the site. Floyd County has paid approximately $2 million in interest since the purchase of the property, which also includes a Lowe's distribution center.
Any money left over after paying debt will be split between the two development authorities.