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Development authority approves bond resolution for VT Industries expansion

Posted December 1, 2021 in Authority News

In an effort to facilitate a 40,000 square foot expansion at VTI of Georgia, the Rome Floyd Development Authority approved a $31.1 million bond resolution on Tuesday.

VTI, located at 1351 Redmond Circle, makes a variety of architectural wood doors, laminate countertops, butcher block countertops and similar products. Headquartered in Holstein, Iowa, the company’s Rome operation began in 1990.

The expansion will largely be devoted to the laminate countertop line of products for both residential and commercial use but will also include a partnership with New Line Tops LLC.

“It’s a joint venture with VTI Georgia,” Development Authority President Missy Kendrick said.

There are several ways development authorities work to further development initiatives in a community: development of land in industrial parks, public-private financing through bonds as well as delivery of state and local incentives and tax incentives.

In the case of VTI Georgia the proposal is actually two bonds, $26.4 million for equipment and $6.1 million for real estate.

A 10-year payment of $38,875 a year will be made to the authority. The taxes concerning the expansion will be abated for 2021 but the amount paid will increase by 10% increments each of the following years.

The first year of full tax payments would be 2032, Kendrick said.

Looking at the building and acreage, Rome Mayor Craig McDaniel asked how much room the company has to grow.

There’s a possibility of further expansion in the future, Kendrick said, but the current location has grown to its full capacity.

“They’re landlocked,” Rome Floyd Development Authority President Jimmy Byars said.

Click here to view the article: https://www.northwestgeorgianews.com/rome/news/local/development-authority-approves-bond-resolution-for-vt-industries-expansion/article_68e0c5b2-520d-11ec-811d-07b4bea1aaf7.html

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