SCDA Passes Inducement Resolutions

The Stephens County Development Authority passes resolutions to help try to encourage a pair of projects to invest in Stephens County.

Last week, the Development Authority approved inducement resolutions for industrial revenue bonds for two unnamed projects.

Stephens County Development Authority Executive Director Tim Martin said inducement resolutions are a tool that communities use to encourage companies to continue to look at them for future investment.

“Should the project move forward, then any expenses that they incur during their study period, decision period, announcement period, and implementation period would count towards their bond, if they chose to go that route,” said Martin. “There are a lot of ‘ifs’ but it is a step that communities take to keep that project moving forward.”

According to Martin, an inducement resolution can also provide tax-related benefits for a company that has one in place if it moves into a community.

Martin said the inducement resolutions are non-binding and do not commit Stephens County to anything.

He said it is something that Stephens County has approved several times before.

Two of the projects that received inducement resolutions were Nifco KTW and Sark Wire, though Martin said Sark did not use theirs.

“On other occasions, we have adopted inducement resolutions that the company for whatever reason did not select Stephens County,” said Martin.

Martin said he could not comment on the specific nature of either project at this time.