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Development Authority OKs money for projects

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The Development Authority of Richmond County on Thursday approved a bond inducement for Augusta Newsprint, the first step in selling bonds for an expansion project.

The resolution is for $55 million for use in upgrading equipment and expanding its facilities on Doug Barnard Parkway.

According to the company's attorney, Byrd Warlick, the company is making improvements to keep the plant in efficient working order.

"It's a highly competitive business, and it's contracting," Warlick said of the newsprint business. "With this bond issue, we can improve the plant and keep the jobs here in Augusta, with potential to add more in the future."

Augusta Newsprint employs 326 people.

"They're making a commitment to Augusta," said Walter Sprouse, the executive director of the development authority.

Abitibi Bowater, which owns Augusta Newsprint, produces a range of products, including newsprint, commercial printing papers, market pulp and wood products. The company owns or operates 18 pulp and paper mills and 24 wood products facilities in the U.S., Canada and South Korea.

Also Thursday, the authority approved a $12 million bond resolution for Bennett International. The money is designated for purchasing a 26-acre tract on Doug Barnard Parkway, where Bennett plans to build a distribution center and warehouse.

Bennett is a transportation logistics services company based in McDonough, Ga. The new facility could create as many as 15 jobs.

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ECDanes
1
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ECDanes 06/16/11 - 12:43 pm
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Get ready for some more

Get ready for some more "stankin'"

woodymeister
252
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woodymeister 06/16/11 - 02:57 pm
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This is great news for

This is great news for Richmond county and for Augusta Newsprint.

Sweet son
10398
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Sweet son 06/16/11 - 03:33 pm
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EC, that smell is like bacon

EC, that smell is like bacon to the folks who work there. I am old enough to remember when Continental Can ordorized the whole South end of Richmond County! LOL

countyman
20120
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countyman 06/16/11 - 04:30 pm
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More jobs coming to Augusta,

More jobs coming to Augusta, Georgia....

ECDanes
1
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ECDanes 06/16/11 - 05:13 pm
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yeah I guess it does smell

yeah I guess it does smell like bacon if your bacon smells like crap. What part of the pig are you getting your bacon from?

Craig Spinks
817
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Craig Spinks 06/16/11 - 07:20 pm
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What is the total bonded

What is the total bonded indebtedness of all governmental entities with "Richmond County" in each name?

Which local law firm(s) handled the bond transaction(s)? How much was the fee in each transaction?

scorehouse
196
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scorehouse 06/18/11 - 11:25 am
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moronic. everyone knows
Unpublished

moronic. everyone knows newsprint news papers are headed for extinction. the company spokesperson acknowledges the "business and its contracting" as in demand for newsprint is dwindling. will the city be on the hook for these bonds?

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