Source: Atlanta Business Chronicle
Developer Trammell Crow will receive a $3.8 million tax abatement to build a new Home Depot distribution center in the city of Stonecrest, but the final tally on tax incentives for the facility is not yet known, according to the state.
Home Depot and Gov. Brian Kemp announced last month the Atlanta-based home improvement giant was building the Stonecrest facility and distribution centers in Locust Grove and East Point over the next 18 months to support the growing demand by professional and “do-it-yourself” customers for flexible delivery and pick-up options. The Georgia Department of Economic Development worked with the cities and DeKalb, Fulton and Henry counties on tax incentives during a competitive process to ensure Home Depot would build the new centers in Georgia. Home Depot said the new facilities would add 1,000 new jobs.
Trammell Crow, the Dallas-based real estate titan, a subsidiary of CBRE, was granted the 15-year, $3.8 million property tax break from Decide DeKalb as part of a resolution to issue $60 million in revenue bonds. Decide DeKalb is the economic development authority for the county. The $60 million is to be used to finance the land purchase and construction of the 615,000-square-foot facility. The center is being built at an industrial park at 2182 Coffee Road, close to Interstate 20 and with access to CSX rail.
The Decide DeKalb board also approved issuing $5 million in revenue bonds to Home Depot for the purchase of machinery and equipment for the new distribution center. Tax savings to Home Depot over 15 years of the bond is $320,687.
In addition, the board approved a resolution saying it would seek a Regional Economic Business Assistance (REBA) grant, a state incentive program used to “close the deal when companies are considering Georgia and another state or country for their location or expansion,” according to the state Department of Community Affairs.