The Cobb County Board of Commissioners voted 5-0 Tuesday to rezone undeveloped property from residential to light industrial for Core5 Logistics Center on the south side of both Hartman and Factory Shoals Roads.
Last month, the commissioners agreed to give Core5 an estimated $1.55 million in Cobb County Enterprise Zone incentives to open this warehouse facility for Project Steady, a beverage distributor.
In the Six Flags Special Services District, Core5 still will pay 3.5 mills — as do all property owners in this district — for infrastructure and landscaping.
However, Core5 will not have to pay any other taxes through the Payment In Lieu of Taxes (PILOT) agreement with the Cobb County Board of Tax Assessors.
Also, Core5’s building permit fee will be capped at no more than $5,000.
Estimated total savings for Core5 Logistics Center will be around $1.55 million during the incentive period.
In exchange, the projected positive economic impact to Cobb County from this development should be $1.75 million.
Core 5 Logistics Center is proposing to build a 650,000-square-foot warehouse/distribution facility that will be occupied by Project Steady, resulting in the creation of around 400 new jobs and an anticipated payroll of $26.4 million.
Including construction, Core5’s total investment will be about $35 million.
Project Steady will make an additional investment of $20 million to include machinery and equipment.
If the jobs or investments are not met throughout the entire incentive period, Core5 will be required to pay back the full value of all incentives received under the Enterprise Zone Program.
Information: c5ip.com/current-projects.
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