Conecuh County Commission approves Economic Industrial Development Grant
CONECUH COUNTY ALABAMA
Conecuh Industrial Development Grant
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 investments over a three year period. Grants are awarded based on the following.
Financial viability-financial track record, company injection, existing and potential annual sales
Management quality-Ownership experience, executive team experience
Community economic impact - number of jobs created, salary and benefit package, tax revenue
Companies must provide last 3 years of financial statements and details of sources and uses.
Personal financials are required on anyone that has 10% or more ownership in the company.
A minimum of one job must be created or retained for every $1,000 invested by the County. Maximum award is 50,000 dollars as long as funds are available. Conecuh County may use discretion and flexibility during the evaluation process.
Capital investments: $2.5 million
Employment: 25 new jobs
Wages: 10% above the local industrial average
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
1. Sewer lines, drainage, Waterlines, waste water treatment
2. Roads and streets
4. Rail spurs and sidings
5. 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 the minimum requirements are being met. Failure to meet requirements may void the award and require that project reimburse all or a portion of the County funds.