The joint development authority was created by a resolution of both Floyd and Gordon County Commissioners. It allows each county to double the job-tax credit each can offer to new industry from $500 to $1000. Each county appoints three members to the joint authority. The Chairmanship rotates on a yearly basis between the two counties. The Vice-Chair from the alternating county also serves as the incoming Chairman. The Joint Development Authority has also been created to expand County borders by exploring the development of the Highway 53 corridor between the two counties, with the establishment of the Northwest Regional Industrial Park on Tuesday, November 18, 1997.
The Authority will meet on a quarterly basis to develop a business plan for the Authority and to examine the marketing prospects and progressat the Northwest Regional Industrial Park along the Highway 53 corridor.
Each county funds the Authority jointly on a 50/50 basis at present. With the establishment of the joint park, any revenues received from the sale of property will go into the Authority’s coffers to fund future projects. Tax revenues on the property shall be split according to a land use formula agreed upon by the two counties.