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From July 1 until Sept. 30, Alabama communities will have a second opportunity to apply to the State Industrial Development Authority for funds through the Site Evaluation and Economic Development Strategy Act.
SIDA will evaluate applications and announce results as early as next year.
The SEEDS Act, which was passed as part of Gov. Kay Ivey’s “Game Plan” package and administered by the Economic Development Partnership of Alabama, helps to develop industrial sites that put Alabama communities on the radar of high-impact economic development projects in the national landscape.
The first dispersion of the SEEDS grant totaled over $30 million across 29 different industrial sites for assessment or development costs. The application process revealed a $42 million funding need from organizations across Alabama.
The second dispersion is expected to meet similar numbers and will be awarded to groups that meet all of the criteria.
To be eligible for the grant, organizations must be non-profit Alabama entities, such as a municipality, county industrial development board, industrial development authority, chamber of commerce or a non-profit foundation. The organization must also have a record of supporting or participating in economic development activities in the state.
Ellen McNair, Secretary of the Alabama Department of Commerce, noted the positive impacts that the state has already seen, noting, “The new industrial sites created through SEEDS funding are allowing us to compete for more than a dozen corporate growth projects involving a combined $13.5 billion in new capital investment and 5,000 jobs.”
Most of this funding is intended for rural communities that already have advantages but need some additional assistance to appear more competitive to projects leading to new investments and jobs in their area.
