Growing Alabama funding to boost economic development

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Governor Kay Ivey announced yesterday that the Renewal of Alabama Commission would allocate $15.5 million in funds through the Growing Alabama program to bolster economic development across the state. The funding will go to seven different communities to prepare industrial sites to ultimately attract new businesses and boost local economic growth.

For this calendar year, a total of $23 million is available under the Growing Alabama program

The Growing Alabama program offers a tax credit to eligible taxpayers equal to their contribution towards qualifying economic development projects. 

One of the biggest factors for companies considering the state for new facilities or an expansion is site readiness. By preemptively developing sites, Alabama can remain competitive for economic development projects that bring significant job creation.

Here are details about the new Growing Alabama funding cycle:

1. Auburn: The Industrial Development Board of the City of Auburn receives $2.76 million for site work and public infrastructure improvements at Auburn Technology Park.
2. Brundidge: The City of Brundidge is allocated $473,275 to enhance site work and public infrastructure at North Industrial Park.
3. Enterprise: The Industrial Development Board of the City of Enterprise is granted $2.9 million to facilitate site work and infrastructure enhancements at Enterprise Commerce Park.
4. Fort Payne: The City of Fort Payne will utilize $1.07 million to improve the Jacoway Industrial Site.
5. Greene County: The Greene County Industrial Development Authority receives $1.31 million for site work and public infrastructure improvements at Crossroads of America Industrial Park.
6. Coosa County: The Lake Martin Area Industrial Development Authority is awarded $2.5 million to upgrade infrastructure at Lake Martin Regional Industrial Park.
7. Walker County: The Walker County Economic & Industrial Development Authority secures $4.71 million for site work and public infrastructure improvements at Heritage Industrial Park.

Eligible activities under the program include land clearing, infrastructure upgrades, and other enhancements necessary to make sites viable for industrial development. Capital improvements at inland ports, intermodal facilities, and agricultural centers also qualify under the program’s criteria.

The Alabama Department of Commerce, the Growing Alabama program ensures rigorous oversight and accountability. All applications undergo consideration by the Renewal of Alabama Commission to ensure alignment with program objectives and community needs.

Secretary of the Alabama Department of Commerce Ellen McNair is the chair of the Renewal of Alabama Commission and said in a statement that these funds are going to “make a real difference for these communities.”