A Sandy Springs board has sent in an application for grant funds that will be essential to luring CBS Corporation to the city.
The Sandy Springs Development Authority met on Sept. 26 and approved agreements with the company to close a deal that will create more than 100 jobs. CBS Corporation in June announced it will locate its IT and software services center in the city.
In total the state of Georgia has offered the company $2 million in incentives that include tax breaks, training and the grant the Development Authority is seeking. The Regional Economic Business Assistance grant, worth $350,000, will be used to buy the equipment for the company which the city will lease back to it for a nominal fee. As part of the agreement, CBS will have to create 101 full time jobs within 36 months after receiving a certificate of occupancy.
The company has already signed a lease for space along Peachtree Dunwoody Road, Assistant City Manager Eden Freeman told board members.
The board, which has been inactive since 2007, was reconstituted before the vote.
“Only development authorities can submit the application,” Freeman said. “They offer these funds as a means to attract companies to locate in Georgia.”