The Rome-Floyd County Development Authority originally approved a $15 million financing package with five-year tax abatement for county property taxes, but the company had agreed to pay full school taxes.
The decision means that Foss, which is expected to create 150 jobs during three years, will undertake private financing and start paying full local ad valorem taxes from day one.
Foss has already acquired the old Mohawk/Pharr Yarns plant on Huffaker Road and has been advertising for production positions.
“They are getting assistance from the state, including the QuickStart program,” said Chamber of Commerce President Al Hodge.
Foss has been around for nearly 60 years but was about to go bankrupt when the Alinian Capital Group LLC acquired it in 2006.
firm has been re-tooled into an innovator in the specialty fibers, non-woven and needle-punch fabrics industry. Foss recycles plastic and has pioneered new technologies to make the extruded plastic applicable to a wider variety of uses. The Rome plant will provide Foss with greater capacity to meet the needs of a rapidly growing customer base.
Calls to Foss officials in New Hampshire were not returned Tuesday.
The Rome-Floyd County Development Authority also on Tuesday approved a Series B bond for the Neaton Rome operation
Earlier this year a Series A bond was approved in the amount of $16 million. Development Authority attorney Andy Davis said that the aggregate of both bonds will not exceed $26 million. Neaton will get a five-year tax abatement and will pay school taxes the last two years of the financing package.
Floyd County Manager Blaine Williams said a task force with representatives from the Rome-Floyd County Development Authority and Development Authority of
Floyd County needs to meet soon to talk about a new sign at the entrance to the North Floyd Industrial Park, as well as the development of a more attractive entrance to the 100-acre site at the northwest corner of the intersection of Ga. 40 and Ga. 53.
Hodge told the authority members that the chamber is still working on prospects in the automotive industry.
“It continues to be very important to us,” Hodge said. “We think there’s more to come.”
Chamber Economic Development Director Heather Seckman said she was able to generate some solid leads at the recent National Business Aviation Association meetings, and added
that the chamber is being very specific in its targeting of aviation firms for the Richard B. Russell Regional Airport property.