“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 Development 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.