Monday, May 2, 2011
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ALBANY, Ga. -- Members of the Albany-Dougherty Payroll Development Authority voted Monday to allow Coats & Clark to rent storage space at a vacant industrial site following a mechanical malfunction at the company's Albany plant.
Under the lease agreement reached Monday, Coats & Clark will rent about 21,000 square feet of space at the former MacGregor Golf building for $1,800 per month and about one-third of the utilities, Albany-Dougherty Economic Development Commission President Ted Clem said.
Clem said he's been told that Coats & Clark will use the facility for about six months.
"It's a way for us to gain some income, but the big thing here is that we're able to help an existing industry during a time of need," Clem said.
Clem said marketing efforts on the EDC's behalf meant to help find a permanent tenant won't cease, but that Coats & Clark has asked for a 60-day notice if one is found.
"I think that's important," PDA Chairman Jeff Sinyard said. "If we're blessed to have someone move in permanently, that they understand that."
The PDA has been paying nearly $10,000 a month in debt obligations left behind when MacGregor dissolved in 2009.
That payment has helped pay for two outstanding Section 108 loans that MacGregor got in 2000 but had largely failed to repay.
Those funds come from the PDA's budget, which is funded through the sale of property it owns and fees associated with its ability to issue bonds.
The Coats & Clark move to the MacGregor facility came after a sprinkler head malfunctioned, damaging some of the property at the manufacturer's plant, officials say.