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Industrial
Development
Grants |
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Alabama
act
97-645
amended
the
Alabama
Site
Preparation
Grant
Program
to
expand
both the
types of
businesses
which
may
qualify,
and
increase
the
activities
for
which
the
funds
may be
used.
Grants
can only
be made
to
counties,
municipalities,
local
industrial
development
boards
or
authorities
or
economic
development
councils
or
authorities,
airport
authorities,
port
authorities
or
public
corporations
or
political
subdivisions,
departments
or
agencies
of this
state
authorized
to own
or
possess
by lease
a
project
site. In
order to
be
eligible
for an
Industrial
Development
Grant,
the
grantee
must
hold
title to
the
project
site
that the
qualifying
project
will
occupy.
Additionally,
applications
for
Industrial
Development
Grants
cannot
be
submitted
to the
SIDA
until
the
construction
of the
Qualifying
Project
has been
completed.
To
attract
a new
industry,
or to
assist
an
existing
company
with an
expansion,
the
funds
may be
used to
prepare
sites
including:
-
Preparation
of a
means
to
access
the
site
-
Provide
adequate
drainage
of
the
site
-
Surveying,
clearing
and
excavating
-
Reasonable
rehabilitation
of
buildings
and
other
structures
-
Other
site
preparation
deemed
necessary
and
appropriate
To
qualify
for an
Industrial
Development
Grant an
investing
company
must be:
-
Headquarters
for
a
national,
regional
or
state
investing
company
-
A
process
or
treatment
facility
which
recycles,
reclaims
or
converts
materials
to a
reusable
product.
-
An
industrial,
warehousing
or
research
activity
meaning
any
trade
or
business
falling
in
the
Standard
Industrial
Code
classifications
Major
Groups
20
through
39,
Major
Groups
50
and
51,
Industrial
group
737,
and
Industry
Numbers
0724,
8731,
8733
and
8734.
Grant
Amounts
Alabama
Act
99-591
allows
the
State
Industrial
Development
Authority
(SIDA)
to amend
the
Industrial
Development
Grant
amounts
based on
availability
of
funds.
Accordingly,
the SIDA
has
revised
the
grant
amounts
as
follows:
Capital
Costs
Size of
Grant =
% of
Project
Cost or
Limit
| Less than $200,000 |
|
5% |
| $200,000- $499,999 |
|
3.5% (minimum $10,000) |
| $500,000- $999,999 |
|
2.5% (minimum $20,000) |
| $1,000,000- $1,999,999 |
|
1.5% (minimum $28,000) |
| $2,000,000- $9,999,999 |
|
1% (minimum $32,000) |
| $10,000,000- $24,999,999 |
|
.75% (minimum $100,000; maximum $150,000) |
| $25,000,000 or greater |
|
Maximum $150,000 |
*Amount
of grant
depends
upon
amount
of
capital
investment
as
defined
by Act
99-591
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