The Forsyth County Commission recently voted unanimously to support a revenue-generating public-private partnership designed to reduce the residential portion of the tax digest.
"The new, proactive, Forsyth County Development Authority and Chamber of Commerce public-private partnership is focused on highly effective programs to bring even more high income/low impact employers here," Forsyth County Commission Chairman Todd Levent said in a news release.
The release, from the Cumming-Forsyth County Chamber of Commerce, stated that the focus of the program is to reduce the residential portion of the digest from 71.2 percent to 60 percent by the year 2025.
The so-called "surge" program resourcing would partially offset what the release called a major resourcing gap related to what the county spends in comparison to competing areas, which spend more.
"More local jobs will lower commute times, provide more income for County residents, generate new commercial tax revenues, and save residential taxpayers many millions in taxes," chamber CEO James McCoy said. "Our agreement with the development authority assures that full results accountability will be achieved."
The investment is designed to essentially generate roughly $39 million in new commercial revenue for the county, reflecting a 764 percent return, according to the release.
For this year, in addition to the roughly $407,000 the county is already investing in the chamber, the commission recently approved an additional $120,000.
"That is funding a new technology project manager position for us to work with the growing number of tech firms in the community, in particularly in the e-commerce area," McCoy said in an interview with AccessWDUN. "The rest of that largely is going to fund a new marketing program that will expand what we've done in the last few years substantially."
As far as what employers they hope to attract in the effort, McCoy said they've identified three key markets within the technology sector. They include e-commerce, advanced manufacturing firms and international firms.
David Seago, the county's development authority chairman said the entity is also fully committed to the goals of the surge.
"We are a body of the county commission and are committed to full transparency of the use of these funds to create many positive results for our county residents," Seago said. "The volunteer citizens who make up the development authority board have embraced this process and look forward to being a part of it.
The county commission officially adopted the plan and funding at its meeting Thursday.
