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MONTGOMERY - Governor Kay Ivey announced today that the Renewal of Alabama Commission has allocated over $15.5 million in Growing Alabama funding to seven economic development organizations across the state to speed the development of industrial sites.
The Growing Alabama program provides a tax credit to eligible taxpayers who make contributions to economic development organizations for approved qualifying projects. Alabama taxpayers donating to an economic development organization receive a tax credit equal to their donation.
The communities benefiting from this cycle of Growing Alabama funding are Auburn, Brundidge, Enterprise, Fort Payne, Greene County, Coosa County and Walker County.
“We’ve been on a long winning streak when it comes to economic development, but we need to replenish our inventory of available industrial sites across the state to stay in the game,” said Governor Ivey. “The Growing Alabama program is helping us do just that.”
The program promotes economic development by funding industrial site readiness, a key factor for companies considering the state for a new facility or an expansion.
Here are details about the new Growing Alabama funding cycle:
- The Industrial Development Board of the City of Auburn: $2.76 million for site work and public infrastructure at Auburn Technology Park.
- The City of Brundidge: $473,275 for site work and public infrastructure at North Industrial Park.
- The Industrial Development Board of the City of Enterprise: $2.9 million for site work and public infrastructure at Enterprise Commerce Park.
- The City of Fort Payne: $1.07 million for site improvements at the Jacoway Industrial Site.
- The Greene County Industrial Development Authority: $1.31 million for site work and public infrastructure at Crossroads of America Industrial Park.
- The Lake Martin Area Industrial Development Authority: $2.5 million for site improvements at Lake Martin Regional Industrial Park
- The Walker County Economic & Industrial Development Authority: $4.71 million for site work and public infrastructure at Heritage Industrial Park.
“The Growing Alabama program is a powerful tool to accelerate the development of shovel-ready sites, which are critically needed today as we compete for high-impact economic development projects that bring significant job creation,” said Secretary of the Alabama Department of Commerce Ellen McNair. “This round of Growing Alabama allocations will make a real difference for these communities.”
The Alabama Department of Commerce administers the Growing Alabama program, and the Renewal of Alabama Commission must approve all applications under the program. Secretary McNair serves as chair of the commission.
The types of projects eligible for the program include site preparation of public land for industrial use and infrastructure improvements at existing industrial properties.
Qualifying activities include clearing land, upgrading infrastructure and other improvements to make sites ready for projects. Other qualifying activities may include capital improvements at inland ports or intermodal facilities and construction and maintenance for agricultural centers.
A total of $23 million is available under the Growing Alabama program this calendar year.
For information about the Growing Alabama program, contact Rachel Madore, Commerce’s senior project manager of business intelligence and resources, at 334.557.3431 or mailto:[email protected]
The Economic Development Partnership of Alabama is an additional resource for educational materials, outreach support and matchmaking for donors and communities. Visit this link for more information.