Logistics company could create 15 jobs

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A McDonough, Ga.,-based logistics company could create about 15 jobs in Augusta after purchasing a warehouse on Doug Barnard Parkway, officials said at a Thursday meeting of the Development Authority of Richmond County.

The development authority approved an inducement resolution worth $22.5 million for Bennett International.

The resolution is the first step toward issuing industrial revenue bonds to finance the project. The company would have to complete another request to the development authority before it could issue any bonds, Executive Director Walter Sprouse said. That could come before the end of the year, he added.

The 437,000-square foot building was previously operated by Crl Warehouse and Logistics Co.

The bonds would likely be issued in two parts. The first series would be worth $11 million for the facility and $3 million for equipment.

The remaining money would be used if Bennett International purchases another building in the area, which Sprouse said is a possibility.

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Chillen
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Chillen 11/18/10 - 01:33 pm
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Good News! 15 less

Good News! 15 less unemployment checks will need to be issued in Georgia, assuming those folks will even apply for the jobs.

countyman
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countyman 11/18/10 - 01:35 pm
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Welcome to the long list of

Welcome to the long list of new companies moving to Richmond County. Even though metro Augusta should have a population around 700k to 750k instead of 550k. I'm glad to see the city finally starting to grow up.

Little Lamb
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Little Lamb 11/18/10 - 01:52 pm
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Would someone explain how

Would someone explain how this "revenue bonds" system works? Does the Development Authority sell the bonds to investors who expect regular interest payments? Do the interest payments come from the cash flow of Bennett International? What happens if Bennett International's cash flow doesn't materialize as fast as the interest payments are supposed to be paid?

Little Lamb
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Little Lamb 11/18/10 - 01:50 pm
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Erin Zureick wrote: The

Erin Zureick wrote:

The 437,000-square foot building was previously operated by Crl Warehouse and Logistics Co.

Well, if Crl could not make a go of this warehouse in the "logistics" business, what makes Bennett International think they can do so much better?

Little Lamb
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Little Lamb 11/18/10 - 01:51 pm
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What in the world does a

What in the world does a "logistics company" do, anyway?

Little Lamb
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Little Lamb 11/18/10 - 01:55 pm
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Apparently Bennett

Apparently Bennett International's credit rating is not good enough to get seed money from a bank, so they've got to get a government authority to front the money. Sounds like the Augusta Development Authority is about to back a risky company. We taxpayers will be on the hook for this one.

Chillen
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Chillen 11/18/10 - 02:04 pm
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Little Lamb, welcome to the

Little Lamb, welcome to the most annoying commercial EVER!

http://www.youtube.com/watch?v=mRAHa_Po0Kg

This UPS commercial will tell you what logistics is. Sorry, this tune will be in your head all day now. lol!

JackBootedThug
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JackBootedThug 11/18/10 - 02:05 pm
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A logistics company stores

A logistics company stores goods for other companies. They unload the trucks store the goods, and coordinate shipping with the owners of the goods. Simply put, they move stuff.

countyman
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countyman 11/18/10 - 02:09 pm
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Businesses replace former

Businesses replace former businesses all the time in america. The Tony Romas at Augusta Exchange was renovated into the first Carolina Ale House in Georgia.

The city of Augusta desperately needs to recruit logistic and aerospace companies to locate near Augusta Regional. This is a good start in the process.

Little Lamb
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Little Lamb 11/18/10 - 02:15 pm
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Thank you, Chillen and Jack.

Thank you, Chillen and Jack.

Little Lamb
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Little Lamb 11/18/10 - 02:16 pm
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Yeah, but the Development

Yeah, but the Development Authority didn't give $14 million to Carolina Ale House for the renovation. (Or did they?)

dailychroniclereader
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dailychroniclereader 11/18/10 - 02:58 pm
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OK. I went to the

OK. I went to the Development Authority website. They don't give money to anybody. The revenue bonds are authorized by the Development Authority. Then, the company sells the bonds to private investors through stockbrokers to the general public. The company pays all the money back over a certain period of time with interest. Have you never heard of anyone buys "stocks and bonds"? $14 million given to Carolilna Ale House, Little Lamb? Ridiculous.

Little Lamb
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Little Lamb 11/18/10 - 03:14 pm
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Thank you, ChronicleReader.

Thank you, ChronicleReader. I went to the Development Authority's web site, too. I didn't see any explanation like yours above, but I was intrigued by the number of empty buildings they are trying to pawn off on out-of-town businesses. Go to the link below and scroll down the page to see a bunch of Augusta buildings that are empty or have very low occupancy rates. Maybe we need a construction moratorium in the city for a while.

Empty Buildings

KingJames
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KingJames 11/18/10 - 03:47 pm
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Little Lamb, can you be

Little Lamb, can you be anymore pessimistic?

tia31
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tia31 11/18/10 - 03:48 pm
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Well little lamb if you did

Well little lamb if you did any research before spouting you would realize that daily chronicle reader is correct. The taxpayer pays nothing and a new company can locate here and begin hiring RC citizens. For your further education CRL was extremely successful to the point they have expanded their facility four times since locating in Augusta seven years ago. They were so successful that a larger company desired to acquire them. I shake my head at your post. The more available buildings a county has the bigger the inventory for incoming businesses to choose from.

tuffenuf4u
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tuffenuf4u 11/18/10 - 04:36 pm
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These 15 jobs will be mostly

These 15 jobs will be mostly labor jobs, as a trucking company already has it's managerial staff in place. Don't get me wrong, anytime a company creates new jobs it is a good thing, but this is nothing to get overly excited about.

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