As part of an intergovernmental agreement with the Lowndes County Board of Commissioners, the Valdosta-Lowndes County Industrial Authority approved the issuance of $14.5 million in taxable revenue bonds to fund the purchase of real estate during its regular meeting Tuesday evening.

Before making a decision, the Authority heard from Tom Owens of Morgan Keegan & Co. Inc., the underwriter of the bond and the bond attorney, Glenn Thomson of Alston & Bird, LLP, who is a representing the Authority. Attorney Walter Elliot also attended on behalf of the county.

Under the 15-year agreement, which was introduced during a special called meeting in September, Lowndes County will provide 1 mill property revenue to the Industrial Authority as a means of funding for the purchase of property.

Authority member Gary Minchew maintained his belief that the Authority was rushing the issue and questioned the urgency. Authority member John Peeples contended that nothing should hinder the Authority from moving forward now so that it will be in a position to buy real estate.

Ultimately, a motion to approve the bond issuance, contingent on the county’s approval, was carried 3 to 1.

In other business, the Authority approved the purchase of the Copeland lot adjacent to the old Board of Elections Office, which the Authority is considering for relocation.

The purchase will be made pending an asbestos study of the Copeland site as well as permission from the city and county to relocate into the old Board of Elections Office.

Other items discussed include:

• The new Web site design. The new GIS portion will allow brokers and developers to populate the Web site with vacant commercial property pictures and information. Companies from all over the nation will be able to view specific vacant properties based on information they submit about sites they prefer.

• The Authority has received several applications from local students interested in serving on the Industrial Authority Ambassador Board. Peeples and Executive Director Brad Lofton plan to meet soon to review applications.

• The Home Depot distribution facility is nearing completion and racking is being installed. Hiring is scheduled to begin the first quarter of 2009. The Industrial Authority staff will be presented with a $1 million OneGeorgia Edge Grant check for the distribution center at the OneGeorgia board meeting next month.