PTC authorizes $50K jobs grant
Companies creating more than a handful of high-paying jobs in Peachtree City will now be eligible for a city grant of up to $50,000.
And while that measure was approved Thursday night by the City Council, officials are nearing a deal to pay the Fayette County Development Authority to implement further economic development initiatives for the city.
The contract would require FCDA to hire a new staffer to “to work with existing businesses and industries in the city so they are best able to grow and expand within the boundaries of the city,” according to the contract. The vote was postponed so the contract could be tweaked, and a vote is expected at the March 1 council meeting.
The $50,000 grant can be sought by companies which create 25 or more new full-time jobs in the city. The grant specifies a benefit of $500 per job created, and the job must have an average wage of at least 120 percent of the city’s per capita income.
Using 2011 data, that means the jobs must pay at least $51,129 a year.
The policy also requires that the company’s primary activity in the city be in a corporate office headquarters, corporate office business support center, logistics and distribution, advanced manufacturing, research and development or medical and laboratory work.
The city also retains the ability to reduce or eliminate various development fees including impact fees and building permit fees if it sees necessary.