MONTGOMERY, Ala. (WTVY) – The Alabama Revitalization Commission has awarded more than $15.5 million in funding for the next tax cycle for the “Grow Alabama” program, Gov. Kay Ivey announced Monday.
The “Grow Alabama” program provides funding to economic development organizations (EDOs) through donation-based tax credits, allowing those EDOs to work on projects that stimulate economic growth.
The program promotes economic development by funding “industrial site readiness,” a key component for companies considering new facilities or expansion in Alabama.
Eligible taxpayers receive a tax credit from the program when they donate to EDO for approved projects.
“We’ve been on a long winning streak when it comes to economic development, but to stay competitive we need to replenish our inventory of available industrial land across the state,” said Governor Ivey. “The Growing Alabama program is helping us do just that.”
The fresh funds will be provided to seven EDOs in the state with an aim to accelerate development of industrial land in the next cycle.
City of Auburn Industrial Development Commission: $2.76 million for site works and public infrastructure at Auburn Technology Park. City of Brundidge: $473,275 for site works and public infrastructure at North Industrial Park. City of Enterprise Industrial Development Commission: $2.9 million for site works and public infrastructure at Enterprise Commerce Park. City of Fort Payne: $1.07 million for site improvements at the Jackoway Industrial Site. Greene County Industrial Development Agency: $1.31 million for site works and public infrastructure at Crossroads of America Industrial Park. Lake Martin Regional Industrial Development Agency: $2.5 million for site improvements at Lake Martin Regional Industrial Park. Walker County Economic and Industrial Development Agency: $4.71 million for site works and public infrastructure at Heritage Industrial Park.
“The Growing Alabama program is a powerful tool to accelerate development on land that is ready to break ground, which is sorely needed today as we compete for major economic development projects that will create significant jobs,” said Alabama Department of Commerce Secretary Ellen McNair. “This Growing Alabama allocation will truly make a difference in these communities.”
Funding from Growing Alabama has funded more than 50 projects from 2017 through 2023. The new cycle brings Growing Alabama funding to more than $105 million over the past eight years.
Eligible activities include land preparation, infrastructure upgrades, and other improvements to make the land ready for the project. Other eligible activities include the construction and maintenance of agricultural centers and capital improvements to inland ports and intermodal transportation facilities.
The Alabama Department of Commerce administers the “Grow Alabama” program, and the Alabama Revitalization Commission must approve all applications under the program.
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