MONTGOMERY, Ala. (WBMA) — Gov. Kay Ivey announced Monday that the Alabama Renewal Commission has allocated more than $15. 5 million to the “Growing Alabama” program to boost the progress of commercial sites.
According to Gov. Ivey’s office, the investment was distributed to seven economic advancement organizations across the state.
The governor’s office said the Growing Alabama program offers tax credits to eligible taxpayers who contribute to economic growth organizations for approved eligible projects. Alabama taxpayers who donate to an economic progress organization get tax credits equal to their donation.
The communities benefiting from this “Alabama Growing” investment circular are Auburn, Brundidge, Enterprise, Fort Payne, Greene County, Coosa County, and Walker County.
“We are on a long winning streak in economic development, but we want to fill our stock of available commercial sites across the state to stay in the game,” said Governor Ivey. “The Growing Alabama program is helping us do that. “
The governor provided the following key takeaways about Growing Alabama’s new investment round:
“The Growing Alabama program is a resilient tool to drive progress on ready-to-start sites, which are critical as we compete for high-impact economic progress projects that generate meaningful job creation,” said Ellen, secretary of the Alabama Department of Commerce. . This allocation circular for Growing Alabama will make a real difference for those communities. “
The Alabama Department of Commerce administers the Growing Alabama program and the Alabama Renewal Commission will have to approve all programs in the program. Secretary McNair chairs the commission.
Types of projects eligible for the program include the preparation of public lands for commercial purposes and infrastructure innovations for existing commercial properties.
Eligible activities include land clearances, infrastructure improvements, and other innovations to prepare sites for projects. Other eligible activities would possibly include capital innovations in inland ports or intermodal facilities, as well as the structure and maintenance of agricultural centers.
The governor’s office said a total of $23 million will be raised through the Growing Alabama program this calendar year.