Sandy Springs OKs incentives to keep Elavon
The Sandy Springs City Council has approved economic incentives totaling $60,800 to encourage Elavon Inc., a payments processing firm, to expand and add 180 new jobs in the city over the next three years.
The city will waive building permit fees estimated at $20,000, and allow a three-year waiver of business occupational taxes worth $13,600 a year.
Elavon promised new jobs paying an average annual wage of $93,000 and to commit to a 10-year office lease, according to a staff report to the council. Elavon currently employs 737 people in Sandy Springs and occupies about 113,000 square feet in the Two Concourse Parkway building. It paid $10,553 in occupational taxes in 2017.
The company may take roughly 56,000 square feet of additional space in the Two and Four Concourse Parkway buildings, for a total capital investment of $9.6 million. Elavon’s growth over 10 years could generate $743 million in economic activity and new tax revenues of $2 million for the city and $8 million for the schools, according to a CBRE economic and fiscal impact study.
