MONTGOMERY — Fort Payne is in line for more than $1 million from the state to help economic development.
According to Gov. Kay Ivey, Fort Payne will receive $1.07 million for site improvements at the Jacoway Industrial Site.
The funding is through the Renewal of Alabama Commission, which allocated more than $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 other communities benefiting from this cycle of Growing Alabama funding are Auburn, Brundidge, Enterprise, 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 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.
“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.
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