A new business incubator for startup companies is coming to Cobb.
The Cobb County Board of Commissioners agreed 5-0 Monday to lease 57 Waddell St. in Marietta to the Board of Regents of the University System of Georgia on behalf of Kennesaw State University.
This request for the nearly one-acre tract came from Georgia Business Success Center, also known as Ignite HQ, through McWhirter Realty Partners. The collaborative effort will involve KSU, the Cobb Chamber of Commerce and the Competitive Edge program. This lease provides for the property to be used only to identify, develop and provide resources for startup businesses and entrepreneurs.
County consent is required for each startup business, property improvements and signage, according to County Manager David Hankerson in a Monday memo to the county commissioners. Initially, the property will be leased for one month during June to coincide with the fiscal year for the Board of Regents. Then the lease may be renewed for three one-year terms.
Monthly rent to the county will be about $7,608 during the initial and first renewal term for an annual rental of $98,908. For the second renewal term, the monthly rent to the county will increase to around $15,217 for an annual rental of $182,600. That monthly rent will increase again to $22,825 during the third renewal term for an annual rental of $273,900.
The Board of Regents will pay for all utilities and routine repairs such as quarterly maintenance of the HVAC system and janitorial service. Cobb will pay for all other repairs. Also, Cobb will maintain the landscaping and exterior cleaning, but the Board of Regents will have to pay for those services. Information: Georgia Business Success Center, 470-578-3180 or nancy@ignitehq.co.
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