Valdosta Daily Times

Local News

April 6, 2014

Steeda buys property deed

Land valued at $2.8 million sold for $500

VALDOSTA — The Valdosta – Lowndes County Industrial Authority recently sold Steeda Autosports the property that they have been leasing because Steeda has met and exceeded their original capital investment requirements.

Upon first review, some citizens questioned the land deal because the Authority sold land valued at $2,852,713 to Steeda for $500. However, Industrial Authority officials explained that the deal went exactly as planned.

When owner Dario Orlando agreed to build a manufacturing operation in Valdosta, the Authority offered him a tax abatement for five years, with the taxes increasing annually.

“We helped them start off at a low tax rate with a five year tax abatement,” said Allan Ricketts, project manager for the Authority. “During that time, he paid taxes at a graduated scale, so by the time he reached the fifth year, he was paying the full amount of taxes.”

In 2008, Steeda agreed to invest $8 million in capital and hire 40 employees. In 2012, the company approached the Industrial Authority to modify the original agreement because they had exceeded the capital investment portoin but were struggling on the job creation numbers. The Authority voted to modify the agreement, which lowered the number of employees to 30 and increased the capital investment to $9.5 million.

Steeda again exceeded their capital investment agreement by approximately $350,000, but has still not reached their agreed-upon job creation numbers; currently, Steeda has 26 employees in their Valdosta facilities.

“Typically, when you make your capital investment, you create your number of jobs, and if you get within the 80 percent range we look at the economic conditions and the climate, and if you've made 80 percent, you've done pretty darn good,” Ricketts said. “So, Dario (Orlando) came back to us in November of 2013 and said, 'I've made my capital investment. Here's the jobs that I created. I am now looking for some expansion of some other things that I want to do, and in order to do that I would now like to exercise my option to purchase this property.'”

Andrea Schruijer, executive director of the Authority, explained that since the company now owns the deed, the property will now be taxed at its full value because it is now back on the tax rolls.

“Our mission here at the Industrial Authority is to recruit new industry and then to help retain and expand our existing industry, and to create wealth in our community and to add to the tax base,” Schruijer said. “So when we purchase land, it comes off of the tax records. Our goal is to fill it back up with potential companies. Well Steeda was interested in locating here, so they bought 25.27 acres from the Industrial Authority. That $2.8 million is their building and personal property.”

1
Text Only
Local News
  • Cardiovascular Surgeons.jpg SGMC hires three cardiovascular surgeons

    South Georgia Medical Center has hired three cardiovascular surgeons, according to the hospital Wednesday.

    July 31, 2014 1 Photo

  • Moody firefighter 2.jpg Moody firefighter feeds burning passion for food

    He can bust down a burning door and save lives from a flaming inferno. If the kitchen survives, he might whip up some elegant blackened salmon.

    July 31, 2014 3 Photos

  • vpd accreditation.jpg VPD receives national reaccreditation

    The Valdosta Police Department received reaccreditation from the Commission on Accreditation for Law Enforcement Agencies and is ready to file for accreditation for the regional crime lab.

    July 31, 2014 1 Photo

  • Fussell Tire & Service to expand into new facility

    An existing business will open a new facility and expand its operations, according to the Valdosta-Lowndes County Development Authority Wednesday.

    July 31, 2014

  • Brown Johnson Solis Cardiovascular Surgeons.jpeg Cardiac, Vascular, Thoracic & Endovascular Surgeons Join South Georgia Medical Center

    The three surgeons will operate a full-time medical practice and professional office named the SGMC CardioVascular Institute.  The medical office, which is located in Suite 230 of the Professional Building which is adjacent to SGMC, will be open 8am to 5pm Monday through Friday.

    July 30, 2014 1 Photo

  • 140729-Gas_Leak002.jpg Roadway closed after second gas line break

    For a second day in a row, workers from Valdosta’s Utilities Department struck a natural gas service line causing a leak that shut down a portion of Forrest Street, officials said.

    July 30, 2014 1 Photo

  • dump truck arrest photo.jpg Deputies nab stolen dump truck suspects

    The search for suspected dump truck thieves ended Tuesday afternoon with the arrest of two men in the same area officials searched extensively Monday.

    July 30, 2014 2 Photos

  • Bears sighted on Baytree

    A pair of bear sightings along Baytree Road this week could indicate a growing black bear population in Lowndes County.

    July 30, 2014

  • Johnson family files second suit against school

    Two months after filing a civil suit against Lowndes County Schools, Kendrick Johnson’s parents have filed a second suit against the school system which again claims that negligence and bullying led to their son’s death.

    July 30, 2014

  • Teachers Harvest

    With students and teachers returning to the classroom in the coming days, the need for school supplies is at the top of numerous priority lists. For teachers, this often means spending their money to ensure classrooms are fully stocked.

    July 30, 2014

Top News
Poll

Do you agree with the millage rate increases?

Yes. We need to maintain services
No. Services should have been cut.
     View Results