Announcing the Select Conecuh Industrial Development Grant
Updated: Jul 3, 2019
Industries that are locating or expanding in Conecuh County may qualify for a cash investment from Conecuh County that will benefit operations, infrastructure, operating costs, and bottom line. Investment benefits are based on the number of jobs created, average wage plus benefits, and capital investment over a three year period.
Conecuh County Economic Development Investments are awarded based on the following:
Financial viability-financial track record, company injection, existing and potential customer base and annual sales
Management quality-Ownership experience, executive team experience
Community economic impact, number of jobs created, salary and benefit package, tax revenue
Additional Funds leveraged
Companies must provide last 3 years of financial statements and list of sources and uses
Personal financials are required on anyone that has 10% or more ownership in the company
A minimum of one job created or retained for every $1,000 invested by the County
Maximum award is 50,000 dollars as long as funds are available.
Project should leverage an additional 3 to 4 dollars funding from other sources.
MINIMUM REQUIREMENTS
Capital investment: $5 million
Employment: 25 new jobs
Wages: 10% above the local average
ELIGIBLE EXPENSES
Lease, purchase, construction or repair of real and personal public property
Preparation of surveys, plans and specifications for construction of publicly owned and operated facilities, utilities and services
Construction of tourist attractions
Construction, extension or completion of infrastructure
Sewer lines, drainage, Waterlines, waste water treatment
Roads and streets
Sidewalks
Rail spurs and sidings
Fiber-optic and other IT infrastructure
ELIGIBILITY FOR PAYMENT
To receive payment for the project cost, an invoice is required that shows the Infrastructure Project Milestones were completed and performance thresholds for jobs and capital investment are being met. Failure to meet requirements may void the award and may stipulate reimbursement of funds.