Thomasville courting third metals company
Thomasville officials are recruiting a third metals-related firm to the Clarke County town.
The city's Industrial Development Board last week requested $10 million in tax-free bonds from the state for a location of Metals USA , which processes and distributes steel and other metals.
A state Finance Department document shows that the state has approved the allotment of $10 million in Gulf Opportunity Zone bonds for Metals USA. GO Zone bonds, created by Congress after 2005's hurricanes, allow companies to sell tax-free bonds, borrowing money at lower interest rates than they otherwise could. Companies must borrow on their own credit.
"All I can say at this point is, yes we filed an application for GO Zone, and I have no further comment at this time," Thomasville Mayor Sheldon Day wrote in an email.
A Metals USA (NYSE:MUSA) employee said Friday that only Chairman and Chief Executive Officer Lourenco Goncalves could comment, and said he was out of town. Metals USA, based in Fort Lauderdale, Fla., operates 37 metal service centers nationwide, including one on Woodland Avenue in the Plateau section of Mobile.
The company has three main divisions. One distributes flat-rolled steel and other metals such as aluminum, brass, bronze and copper. One unit, including the Mobile location, sells metal plate, bars and pipes. A third unit makes metal building products.
Metals USA could want to add a flat-rolled service center in the region to process that variety of steel, which is produced by ThyssenKrupp AG in Calvert, the OAO Severstal mill in Columbus, Miss., and Nucor Corp. in Decatur, Ala.
Such centers typically buy metal in large quantities and cut or shape it for re-sale.
As Thomasville tries to diversify its economy away from the depressed wood products sector, it has focused on recruiting metals-related companies, trying to take advantage of the $5 billion ThyssenKrupp complex. Canadian-based Lakeside Steel , which makes steel pipe for oil and gas firms, has announced $57.5 million of investments and 280 jobs for Thomasville over three phases.
Golden Dragon Precise Copper Tube has announced that it will build a 300-job, $100 million plant to make copper tubing as well.
Some other firms have opened service centers in southwest Alabama as well. Ryerson Inc. opened a unit in Mobile in 2010 after buying a metal cutting shop that belonged to bankrupt Bender Shipbuilding & Repair for $3.5 million. SET Enterprises announced in May that it would build a 40-job, $12 million plant in Jackson.
Gulf Opportunity Zone - News
Then as the state continued its recovery from the hurricane, a devastating recession caused many smaller retail centers that used Gulf Opportunity Zone dollars and other incentives to stall or sit largely unoccupied. But a number of agents who manage
A state Finance Department document shows that the state has approved the allotment of $10 million in Gulf Opportunity Zone bonds for Metals USA. GO Zone bonds, created by Congress after 2005's hurricanes, allow companies to sell tax-free bonds,
The panel, without objection, approved $100 million in Gulf Opportunity Zone bonds for two major Baton Rouge area projects. The GO Zone bonds were authorized by the federal government to give developers a chance to get low-cost financing to spur
The program is similar to the Gulf Opportunity Zone bond financing created after Hurricane Katrina, in which $2.4 billion in projects were financed with the low-cost bonds. Shelby's bill would keep the tax-exempt bond program through 2017.
Beloit, Wisconsin has expanded a successful business opportunity zone that provides up to $5 million in state tax credits annually. The project was originally dedicated to an area by I-90 and resulted in several new warehousing and logistical
Support for the Gulf Opportunity Zone (Go Zone) Low-Income Housing ...
Senator Mary L. Landrieu (D-La) secured a letter of support co-signed by Secretary of the U.S. Department of Treasury, Tim Geithner, and Housing and Urban Development (HUD) Secretary Shaun Donovan for extending the Gulf Opportunity Zone (GO Zone) Low-Income Housing Tax Credit (LIHTC) placed-in-service deadline through 2012. In December, the Senate passed the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010, which only extended the placed-in-service-date through 2011.
The letter expresses the Administration’s commitment to working with Congress to enact the extension, stating “[n]ot extending the GO Zone placed-in-service date for an additional year would result in a major setback for the recovery and would impact public housing residents, business, and communities. It would be unconscionable to let the work that has created so much progress, and so much hope, go unfulfilled.” Without the extension, nearly 5,000 Gulf Coast units plus related jobs would be in jeopardy.
The Gulf Opportunity Zone was created to encourage rebuilding of areas impacted by the 2005 Hurricanes Katrina and Rita.
I (George Danneman) am a Delaware affordable housing and tax credit attorney and I am starting this blog to discuss affordable housing in Delaware, developments with the Delaware State Housing Authority, Delaware tax credits, Delaware's Council on Housing, the Wilmington Housing Authority and other Delaware agencies and subdivisions, but it may touch on significant developments in the national affordable housing community as well. As a Delaware affordable housing lawyer, through this blog, I am providing helpful information to the affordable housing community. Please do not hesitate to contact me about this blog or any of the posts at George@DannemanFirm.com.
Gulf Opportunity Zone - Bookshelf
Gulf Opportunity Zone, States are Allocating Federal Tax Incentives to Finance Low Income Housing and a Wide Range of Private Facilities
This report reviews how state and local governments allocated and used fed. tax incentives in the act and subsequent legislation: (1) identifies tax incentives ...Gulf Opportunity Zone, States Are Allocating Federal Tax Incentives to Finance Low-Income Housing and a Wide Range of Private Facilities
Joint Committee on Taxation's General explanation of tax legislation enacted in the 109th Congress, blue book
1400M of the Code) General Definitions Gulf Opportunity Zone For purposes of the Act, the "Gulf Opportunity Zone" is defined as that portion of the ...2009 U.S. Master Depreciation Guide
U127F Bonus Depreciation for Gulf Opportunity Zone Property Taxpayers may claim an additional first-year depreciation allowance equal to 50 percent of the ...Technical explanation of the revenue provisions of H.R. 4440, the Gulf Opportunity Zone Act of 2005 as passed by the House of Representatives and the Senate
Further, the provision only applies (i) with respect to qualified timber property any portion of which is located in the Gulf Opportunity Zone, ...Everyday Info Directory
Gulf Opportunity Zone Act of 2005 - P.L. 109-135
Gulf Opportunity Zone Bonds must be issued after the date of ... Gulf Opportunity Zone Bonds may be issued by the State of Alabama, Louisiana, or Mississippi or any political ...
GO Zone - The Gulf Opportunity Zone
GOZone.us is your source for GO Zone (Gulf Opportunity Zone) information and resources. Gain insights on GO Zone tax benefits and incentives, GO Zone ...
Gulf Opportunity Zone
The Gulf Opportunity Zone Act of 2005 (GO Zone) provides federal and ... GO Zone benefits are available to businesses located in the Gulf Opportunity Zone, which ...
Gulf Opportunity Zone (GO Zone)
Gulf Opportunity Zone Bonds are bonds for which 95% or more of the proceeds are used for qualified project costs in the GO Zone. There are two types of GO Zone Bonds: ...
Gulf Coast Opportunity Zone Map