In a specially called meeting today, the Development Authority of Cobb County voted 6-0 to grant HOME DEPOT a $200 million tax abatement. The monies will be used to refurbish their 38 year old Cumberland headquarters and a building on Franklin Rd the company plans to lease. By granting the tax abatement, Home Depot will get $200 million in bond money to spend in increments over a 10 year period.
This investment with Home Depot will not only revamp the Cumberland area, but will also help revitalize the Franklin Rd area – a priority for both Cobb County and the City of Marietta. This will continue Home Depot’s ability to expand and offer more jobs. It is predicted that Home Depot could bring upwards of 3,000 new jobs to Cobb County over the next 10 years. Home Depot’s jobs are quality jobs and pay more than 100% above the county’s average wage.
It makes better economic sense to maintain and grow existing companies than to lose a well paying employer like Home Depot. It takes years, if not decades to replace that many quality jobs. Nearly 80% of Georgia’s new jobs are created from the growth of our existing industries.