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Project Jump is a public- private partnership between Armour Commercial Real Estate, Catoosa County Economic Development Authority, Catoosa County, and the City of Ringgold. The Project involves acquisition of real estate and site development incentives by making improvements to the land and roadway. These incentives are provided to prepare the site to attract retail, medical and other commercial development which will generate additional sales tax, property tax, create jobs, and "Jump Start" the development of surrounding property hence the code name "Project Jump".
The EDA purchased ~20 acres of land on Battlefield Parkway for the development. The land was acquired with a no interest loan from Larry Armour to be re-paid from sales of the property. The EDA will conduct the site development improvements (including roadway & intersection improvements, grading, utility and storm water installation) which will be funded equally between the County, the EDA and the City of Ringgold. The total estimated budget for this project is $1.9 million.
Larry Armour has provided a financial guarantee, secured by a Bank Letter of Credit, that the retail and other commercial development from the Project will generate sales and property taxes in an amount that equals or exceeds the amount spent on site development incentives within 7 years of the opening of the initial retail/commercial facility. If the financial guarantee is not timely met, Armour will reimburse the EDA, County and City of Ringgold the amount of any shortfall. If Armour does not reimburse, the EDA can draw the reimbursement from the Bank Letter of Credit securing the financial guarantee.
The structure of this Project is similar to past Economic Development Projects resulting in the retail development of Cabela's, Costco and various retail developments along Battlefield Parkway in the City of Fort Oglethorpe, which have been successful.
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