“Job creation is my No. 1 priority,” said Gov. Nathan Deal. “In these tough times, investment in the private sector and development of Georgia’s infrastructure are key to revitalizing our economy. I look forward to the growth these grants will help provide, particularly in our hardest-hit communities.”
The Equity Fund Grant, which LaFayette received, is for enhancing airport growth and competitiveness.
The total project cost to build the new terminal and to demolish the old one is estimated at $700,000.
The grant was among $8 million in grants and loans from OneGeorgia Authority’s portfolio of financing programs that Deal and members of the OneGeorgia Authority Board approved earlier this month.
These awards will assist economic development projects in rural Georgia aimed at creating jobs, stimulating private investment, supporting and retaining existing jobs and enhancing regional competitiveness.
The OneGeorgia Authority was created with one-third of the state’s tobacco settlement to assist Georgia’s most economically challenged areas. The OneGeorgia Authority is expected to receive approximately $1.6 billion over the 25-year term of the settlement.
From the authority’s inception to now, OneGeorgia has given 525 awards, totaling $306.7 million, leveraged against total project investment of $7.3 billion. This is a return on investment of 24 to 1 and impacts 139 economically depressed counties. More than 54,000 jobs have been retained and created.