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Economic development is moving forward in Cook

Article Source Link By: Charles Shiver

August 6, 2014

 

Lisa Collins has served as Cook County’s director of economic development since Oct. 1, 2013. Her decision to locate here was based on the positive assets of Cook County including:

• Our strategic location on I-75, the nation’s premier shipping corridor

• A 3,000 acre mega site, including 350 prime, shovel-ready acres that are certified as Georgia Ready for Accelerated Development (GRAD)

• A strong, and driven, local leadership committed to economic development and business growth

 

Collins stated that Cook County is also able to offer up to $4,000 per job created in state tax credits because of our "Tier One" position. And because Cook County is recognized and designated as one of 40 least developed counties, job tax credits are available to businesses of any nature, including retail businesses like Walmart.

 

To understand the significance of this state incentive, the Georgia Department of Economic Development gives the following example:

• If a manufacturer creates 50 jobs in a Tier 1 county that also participates in a Joint Development Authority (as Cook does), the value of the job credit would be $4,000 per job

• The company would receive $1 million in tax credits over a five-year period – bringing a $1 million reduction in Georgia income tax

• This $1 million reduction can be used against 100 percent of the income tax liability and payroll deduction

• If not used in five years, the job credits can be carried forward for up to 10 years

 

 "Cook County has a great product," stated Collins. "However, our assets only allow us to have a 'ticket to enter' the tremendously competitive race that is known as economic development.”

 

"For example, during any average year, 360,000+ manufacturing companies in the U.S. will conduct 18,000 business expansions, with only 1,440 projects completed off-site. Of these 1440 projects, only 500 of will employ more than 250 people. Today, there are more than 17,000 economic development authorities and chambers of commerce in our country, which are aggressively competing for these projects. Quick math reveals that there will be at least 34 competitors for each available major project. And the odds are usually much greater for exceptional projects, with many hundreds, or even thousands, of communities competing for them. Therefore, we, as a community, must continually be proactive, and we must guard against discouragement as we continue the process of recruitment of new industries," said Collins.

 

"Because of our assets of location, our commitment to a capable workforce, and our leadership, we do have companies that are looking at our community - twelve new industries have expressed an interest so far in 2014. We are also working with several existing businesses as they contemplate expansion," stated Collins. "However, even with all of our great assets, it will take a highly effective marketing plan to make our product stand out in comparison to all the competitors," Collins said.

 

"Therefore, we are planning a special event by the end of the year, at which time the Cook County Economic Development Commission will roll out their new marketing plan for economic development. We have developed a brand new logo/tagline, a new website, and new advertising and marketing materials that will rival any community in Georgia. We will have the tools to compete, and we are ready for a win in this competitive game known as economic development," stated Collins. "The future is indeed bright for Cook County, Georgia!"

 

 


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