‘Project Hon­ey­comb’ gets hefty of­fer from city

The Covington News - - FRONT PAGE - ROB DEWIG rdewig@cov­news.com

“Project Hon­ey­comb” is a lo­cal com­pany in­ter­ested in re-lo­cat­ing within the city of Cov­ing­ton, in­vest­ing mil­lions in new equip­ment and ex­pand­ing its work­force. That’s all any­body not on the Cov­ing­ton City Coun­cil or with the New­ton County Of­fice of Eco­nomic Devel­op­ment knows at this point.

But Mon­day night, the city made a gen­er­ous of­fer to the com­pany to lower its

util­ity bills over the first three years in its new build­ing. The of­fer is for 30 per­cent in elec­tric rates in the first year, fol­lowed by 20 per­cent in year two and 10 per­cent in year three. For gas and sewer bills, the sav­ings will be 20 per­cent in the first two years and 10 per­cent in the third.

By year four, Cov­ing­ton City Man­ager Leigh Anne Knight told the coun­cil Mon­day, the com­pany will be billed at the reg­u­lar rate. The of­fer will now be pre­sented for the com­pany’s ac­cep­tance.

Serra Phillips, the direc­tor of com­mer­cial devel­op­ment for the Eco­nomic De­velop- ment Board, said it’s com­mon­place to not name com­pa­nies in­ter­ested but not yet com­mit­ted to mov­ing. The idea is to sup­port lo­cal busi­nesses to stay and build with in­cen­tives, and re­lease in­for­ma­tion to the pub­lic once ev­ery­thing is ap­proved by the busi­ness.

“Project Hon­ey­comb” means noth­ing; it’s just a name to de­scribe the un­named busi­ness in pub­lic.

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