editorial3@thomastontimes.com

Commonplace these days at Thomaston-Upson County Industrial Development Authority (IDA) is intense conversation regarding the Innoware rail spur.

The IDA Board held a meeting last week to discuss the rail spur and tackle the budgetary issues of the approximate $1.4 million project.

IDA Chairman Jim Edwards updated the board members on the status of the Innoware Plastics project.

The spur will bring rail service to Innoware (and hopefully others in the future), located in the Industrial Park across from The Thomaston-Upson County Airport on Delray Road.

The IDA and Innoware are currently ironing out a contractual agreement for the financing.

Thus far, Innoware has received a $500,000 grant from One Georgia and the IDA has agreed to pay another $500,000.

The agreement includes Innoware agreeing to keep the 134 current employees required to maintain the business and to add 45 new positions, hiring new employees over a 3.5 year time period.

In an original plan, the IDA had required Innoware to add the 45 new positions with in an 18 month period but agreed to some concessions with the company.

Chairman Edwards said, “This is a worthy concession if it means saving these [current 134] jobs, adding 45 more, and getting rail access to the entire [Industrial] Park...”

Because the price of steel is climbing, the project budget has increased from $1.3 million to the current $1.4 million and is thought to possibly cost as much as $1.5 million.

The Board is expecting a Letter of Credit from Innoware, ensuring their partnership.

Also, Board members have considered funding possibilities from the USDA and McIntosh Trail.

The USDA offers a nationally competitive zero percent loan of $740,000 through Upson EMC, as the conduit for the IDA.

Another financing option is a $95,000 national grant through the McIntosh Trail.

The IDA Board will meet again soon (TBA) to further discuss financial options and receive updates on the rail project as well as other existing projects and initiatives.