Cobb commission OKs Georgia Tech’s $63M bond deal to buy Lockheed land


The $63 million bond deal for Georgia Tech to buy land from Lockheed Martin for a new research campus continues to plug along, now with approval from the Cobb County Board of Commissioners.

The university wants the bond deal to buy and renovate 32 acres of a Marietta facility owned by the aerospace giant.

Commissioners approved the $62,700,000 package at their Tuesday meeting, said Nelson Geter, executive director of the Cobb development authority. Any tax-exempt bond proposal must get the blessing of the elected commissioners.

Cobb judge approves Tyler Perry’s $1.8M tax break to park his jet there

Geter previously said the school has claimed it will bring in 500 jobs over the next decade with an average pay of $100,000 per year.

Tech announced in June 2016 its intentions to buy the land. Before approval by commissioners Tuesday, the deal was given the thumbs up by the officials with the University System of Georgia and Geter’s development authority.

On the land are four buildings totaling 755,000 square feet of office and warehouse space that previously housed operations for the F-22 Raptor fighter jet program, which finished in 2013.

Geter said the work would be “high-level research, some with the Department of Defense.”

The next step for this project is the development authority approving the pricing of the bonds at its Nov. 16 meeting, Geter said. After that, there will be a bond validation hearing with a Cobb superior court judge.

Cobb OKs $405M budget, slashing funding to worried nonprofits

If the project is approved, it will be by a Georgia Tech research facility at nearby Dobbins Air Reserve Base. which has labs for aerospace and electromagnetic research.

This is all part of a larger plan by Tech; the school has said it plans to acquire 20 acres of undeveloped Lockheed land in a separate deal.

“Over the long term, development of the entire 52-acre campus is expected to accelerate (Georgia Tech’s) research growth in national security, homeland defense, and commercial advanced technology initiatives,” according to an August state Board of Regents agenda item.

Like Cobb County News Now on Facebook | Follow us on Twitter

In other news:


Reader Comments ...


Next Up in Local

Former Washington State high school employee accused of rape
Former Washington State high school employee accused of rape

A former employee at a Washington State high school was charged Thursday afternoon with allegedly raping a 15-year-old student. Kristal M. Gamble, 33, was employed as an office assistant at Kent Meridian High School when she allegedly initiated an illegal sexual relationship with a boy last spring. According to Detective Melanie Robinson...
Drug-filled drone crashes at Arizona prison
Drug-filled drone crashes at Arizona prison

A drone crashed at an Arizona prison in September, and officials found drugs and cellphones aboard the vehicle, The Arizona Republic reported.  The drone crashed in a yard accessible only to corrections officers. The Arizona Department of Corrections said Thursday it is still trying to determine who was behind the delivery Sept. 24 delivery...
Cleveland zoo shows off new otter pups
Cleveland zoo shows off new otter pups

Three male otter pups made their public debut at the Cleveland Metroparks Zoo on Friday, WKYC reported. Zoo officials said the pups were born on Sept. 24 to Bitzy and Kibble. Baby otters are born with their eyes closed and need a few weeks to learn how to swim, meaning they'll be ready to join their parents, Bitzy and Kibble, on exhibit in The...
Pennsylvania man accused of urinating on toys on store shelf
Pennsylvania man accused of urinating on toys on store shelf

A Pennsylvania man is accused of urinating on toys and other items in a store.  Police said David Pacoe, 74, was captured on surveillance video urinating on a shelf inside Playthings, Etc. in Butler on Nov. 2.  “It's not very nice at all and it's a toy store. You shouldn't have to worry about having security and guards or...
Ohio woman burned by coffee in break room spat
Ohio woman burned by coffee in break room spat

An Ohio woman suffered “significant burns” when another woman threw a cup of hot coffee on her in a break room at the YWCA, according to a Dayton Police report.  Officers and a medic were dispatched to the YWCA in Dayton at 5:25 p.m. Thursday on a report of an aggravated assault.  The two women involved in the altercation...
More Stories