TUIDA issues $7M bond to Standard Textiles
The Thomaston-Upson IDA (TUIDA) recently issued a $7 million bond to Standard Textile Thomaston, Inc. The parameters of the bond include Standard Textile Thomaston investing $5 million in equipment (with the potential to add $2 million more) and adding 25 new jobs before the end of 2015.
“Anytime the IDA gets an opportunity to assist a local industry, it benefits our entire community,” according to Billy Johnson, TUIDA President. He went on to add that over 70 percent of new jobs created will come from existing industries.
“Standard Textile Thomaston is a valuable part of the local economy and we hope to continue our partnership with them as they grow and expand,” stated IDA Executive Director Kyle Fletcher. ” Part of the IDA’s mission is to work with existing industries and the Tax Assessor’s Office in issuing bonds to industries looking for tax incentives. The industries get a tax savings on their investment and jobs become available for local citizens.”
“Standard Textile Thomaston opened in January 2022 and has experienced continued growth driven by the demand for innovative healthcare and hospitality textile products. Our partnership with the IDA demonstrates our combined confidence in the company’s future and positive impact we’ll have in the community,” said Edward M. Frankel, Senior VP and Chief Administrative Office of Standard Textile Co, Inc.
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