'Project Stone' Wins Sandy Springs Economic Incentive

SANDY SPRINGS, GA -- The Sandy Springs City Council last week approved an economic incentive designed to help keep a large employer within the city limits.

The incentive for the confidential prospect, approved unanimously by city leaders, calls for a one-time waiver of building permit fees and a three-year waiver of business license fees for a build-out and expansion of its facility.

Dubbed "Project Stone," the company is an existing large employer in Sandy Springs, with more than 400 employees. Project Stone has been scouting around the metro Atlanta area for possible relocation spots, and Sandy Springs is among the areas under consideration, the city said.

• Sign up for the Sandy Springs Patch newsletter!

According to city staff, Project Stone's plans call for making a $9 million investment to build out its 150,000-square-foot space. The company also plans to invest an additional $7 million in personal property at the location, which it also plans to lease for 10 years.

Project Stone's request met the qualification for Tier III incentives, as outlined in the city's Economic Development Incentive Policy. Tier III projects call for a capital investment of at least $5 million, more than 100 jobs at or above the city's average wage level ($68,000) and a minimum of a 10-year lease agreement.

With a building permit fee valued at $69,855 and the annual business license fee set at $75,000, the total value of Project Stone's incentive is $294,955.

---

Image via Shutterstock