Cobb County economic incentives of around $1.3 million were granted Sept. 25 by a 5-0 vote of the Cobb County Board of Commissioners for Cobb’s tallest tower.
To be built by thyssenkrupp/BRED Inc. at Circle 75 Parkway near The Battery Atlanta and SunTrust Park, those county savings for the companies will be:
- office building permit cap fee - $595,000
- elevator tower building permit cap fee - $601,000
- annex building permit fees - $4,375
- water system incentive - $100,000 for the office building and $16,000 for the elevator tower
The project will create an estimated 863 jobs which exceeds the minimum number of 25 jobs required.
The estimated economic impact is $2.75 million during the 10-year incentive period, exceeding the minimum required amount of $250,000.
A German-based business that makes and sells elevators, thyssenkrupp will relocate its headquarters and emerging technologies business of Thyssenkrupp Elevators Americas to an approximately $130 million, 290,000 square-foot office building to be constructed by BRED (Braves Development Company) and an approximately $101 million, 420-foot-tall, state-of-the-art elevator qualification and test tower to be completed by 2021.