Part of the "THINC THANK" initiative
The Spool is proposed as Troup County’s pilot innovation community. At its core would be a business incubator/shared space named the thINCubator, paired with loft apartment housing for millennial talent and mixed-use retail, restaurant, and shared space. The concept is designed to attract young professionals, especially engineers and creators, who can support Troup County’s advanced manufacturing workforce. Businesses in the thINCubator that meet targeted industry requirements would receive subsidized rent for a predetermined period before paying market rates or vacating the space for other companies. Loft apartments would prioritize professionals employed in advanced manufacturing and be priced with the salaries of those professionals in mind. Street-level spaces would be reserved for shops, restaurants, coffee/pub space, open seating, Wi-Fi, and social events.
Tracks construction of a business incubator and surrounding mixed-use space.
Tracks graduation of the first business from the incubator.
Tracks an increased percentage of employees at industries choosing to live in Troup County.
Tracks projected rent revenue from incubator offices.
Tracks community and participant excitement for innovation in Troup County.
Tracks residential and commercial tenants moving into The Spool.
Tracks growth of new local businesses that support industry.
Tracks whether The Spool develops a self-supporting revenue stream.
Tracks whether The Spool supports additional development in downtown districts.
Tracks recruitment of the first business into the incubator.
$500,000 to renovate donated building for construction of the business incubator; $75,000-$100,000 in initial operating budget during initial years; annual estimated rent revenue of $60,000 from 10 offices at full rent of $550 per month to offset operating cost; $660,000 at $100 per square foot to build out remaining spaces.