Forward Forsyth, the economic development partnership of Forsyth County housed in the Forsyth County Chamber of Commerce recently announced that they are working closely with a new business that could generate $12.7 million in new, non-residential property taxes and have an overall net positive fiscal and economic benefit of $9.6 million to the residents of Forsyth County, GA. (Source: Forward Forsyth uses the LOCI™ fiscal impact analysis software for all project analysis.)
Forward Forsyth is working with Seefried Industrial Properties Inc., to support their effort to secure approval of a three-building, 418,220-square-foot business complex on 103.4 acres off Shiloh Road.
In 2016, a residential developer proposed 286 single family homes be built on the same parcel located in one of Forsyth County’s few business parks, The Meadows. The Forsyth County Chamber presented the Forsyth County Planning Commission and Board of Commissioners fiscal impact analyses comparing the fiscal impact of the residential and commercial uses. The data presented by the Chamber in 2016 demonstrated that business use of the property would likely generate between $12.5 and $13.9 million in new, non-residential property taxes. That is 23 percent to 30 percent more than the 286 single family homes proposed in 2016.
The Forsyth County Chamber, area homeowner group leaders and area business owners expressed their concerns in 2016 about the proposed incompatible residential use of the property to the Forsyth County Planning Commission and Forsyth County Board of Commissioners who ultimately turned down the residential use proposal in order to ensure a business use of the site.
“This is a great example of what can happen when homeowners and the business community work together to create long term economic opportunity for Forsyth County. The partners that comprise Forward Forsyth have made balancing the tax digest a top priority in policy and practice. We are pleased to have the opportunity to support the fulfillment of the community vision for this undeveloped part of one of our most important business parks.” said Forsyth County Chamber President & CEO, James McCoy.
“The Forsyth County Economic Development Strategic Plan sets out a priority for identifying, protecting, and promoting valuable business development sites to help balance the local tax digest. The proposed development by Seefried Industrial Properties is the outcome of a long-term effort to ensure the site is developed in a compatible and complimentary business use. This is our best opportunity to maximize the positive fiscal and economic impact to Forsyth County.”, said Mark Lytle, Interim Vice President of Forward Forsyth.
Total Acres: 103.4
Total Building Square Feet: 418,000 (three buildings)
Location: Shiloh Road, Forsyth County, GA
Forward Forsyth recently produced several reports using LOCI™ fiscal impact analysis software looking at the 10-year and 20-year impacts of the proposed project. LOCI™ is the nationally recognized local government fiscal impact tool originally developed at Georgia Institute of Technology and now owned and supported by the Economic Impact Group. LOCI™ is licensed by economic development agencies/departments, chambers, development authorities, and local governments throughout the United States.
LOCI™ Fiscal Impact Highlights for 20 Year Horizon:
Property Taxes: $12.7 million
Full Time Employees: 285 (190 in phase 1 and 95* in phase 2)
New Capital Investment: $70 million
*Note: 95 employees is based on an estimate of possible uses for phase 2. No definitive use has been established for employees associated with phase 2