Tuesday, August 7, 2012
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COVINGTON -- An aircraft assembly plant is considering locating on 25 acres of city-owned property at Covington Municipal Airport.
City Manager Steve Horton said the project has been presented to the city under a code name -- "Project Quadrangle" -- and he does not have information on the true identity of the business.
"Per preliminary information received, the assumed prospect investment would be approximately $75 million and they could employ 300 or more people," said Horton. He stressed that "this is only a prospect in the very early stages of information gathering. We have no knowledge of where else they may be looking."
There is presently a privately owned and operated rehab/recovery business on a portion of the site under lease agreement with the city. The lease owner, Stephen Ratchford of Norcross, has been notified of the city's intent to cancel the lease. The lease requires six months notice to cancel.
"We don't know if this prospect will even take, but one we thing we do know is they are actively pursuing information," Horton said.
It may be possible that there is enough room for the assembly plant and the existing business to co-habitate there, he said. The property under consideration is located south of the runway.