Inside $223 million deal bringing 524 jobs to Columbus. Who gets what from whom?

On Sept. 3, the Ledger-Enquirer reported that JS Link America, a U.S.-owned subsidiary of Korean biotechnology company JS Link, will invest $223 million to create a rare-earth permanent magnet facility in Columbus.

The L-E obtained the inducement agreement, inducement resolution and project agreement documents signed by the Development Authority of Columbus and JS Link America.

Here is the inside look at the deal that officials say is bringing 524 jobs to the Chattahooche Valley.

What do these documents mean?

The inducement agreement, inducement resolution and project agreement are commonly signed when two parties formalize plans for a major economic development project. These documents specify the incentives offered, approvals granted and commitments each side is making. Here’s an overview of what each document does:

• Inducement agreement: A formal promise between two parties that lays out the terms of the incentives.
• Inducement resolution: A document that the local authority votes on to approve the offering of the incentives.
• Project agreement: A binding contract that spells out all details about what commitments each side is making

These documents were signed by Selvin Hollingsworth, chairman of the Development Authority, and Jun Young Lee, CEO of JS Link.

What does JS Link get out of this deal?

According to the documents, the Development Authority agreed to issue bonds, which are a type of loan, at a lower interest rate to finance JS Link’s $223 million project. The money will be used to construct their facility in Muscogee Technology Park and pay off the bonds over the next 20 years.

The documents also show a 50% tax abatement over the next 20 years, meaning JS Link will pay a reduced amount of property taxes during their bond repayment period.

The bonds being offered are industrial revenue bonds, which typically are issued by a government entity to help provide capital to private businesses to stimulate economic development. Individual taxpayers are not responsible for the repayment of these bonds.

The Development Authority also is waiving all processing and administrative fees for the building permits to build the JS Link America facility.

This is an incentive that provides a less expensive way of financing construction and other project costs than going through other routes.

In return, JS Link has agreed to employ at least 524 full-time (or full-time equivalent) employees at the facility. These jobs will be created within the first three years of operation, according to the inducement agreement.

During the Sept. 3 news conference announcing the project, Hollingsworth described the jobs as “high paying,” with an average annual salary of $89,000.

The agreement may terminate in 18 months if JS Link does not acquire the project. JS Link can terminate the agreement at any time if it provides a written notice and reimburses the Development Authority for any costs incurred.

This story was originally published September 9, 2025 at 5:00 AM.