LMAIDA secures funding to assist with site development at Coosa County industrial park
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Funding will be used to assist in site development for Two Rivers Lumber
The Lake Martin Area Industrial Development Authority has been approved for $2.5 million in funding through the Growing Alabama program. Funds will be used at the industrial park in Coosa County, located in the Kellyton community, to assist with site development for Two Rivers Lumber. Photos by Lydia Waters
Special to the News
On Monday, July 22, Gov. Kay Ivey announced that the Lake Martin Area Industrial Development Authority was approved for $2.5 million in funding through the Growing Alabama program and the Renewal of Alabama Commission.
The funding was approved through an application submitted in partnership with the Lake Martin Area Economic Development Alliance and was one of seven economic development organization applications awarded funding across the state.
The $2.5 million will be used to assist in the development of a 100-plus acre site for Two Rivers Lumber. Two Rivers will construct a state-of-the-art sawmill that will specialize in the production of Southern Yellow Pine dimensional lumber.
The Growing Alabama Tax Credit program allows for taxpayers who make contributions to economic development organizations for approved qualifying projects to receive a dollar-for-dollar tax credit.
The program is administered by the Alabama Department of Commerce and allows private companies and individuals to receive the tax credit for investing in site development and infrastructure improvements to industrial sites. The Renewal of Alabama Commission must approve the awarding of funds for economic development organizations that apply.
Along with support by the Renewal Commission of Alabama and the Alabama Department of Commerce, the Lake Martin Area Economic Development Alliance worked closely with the Economic Development Partnership of Alabama to secure the $2.5 million Growing Alabama donation from Alabama Power Company.
“Site development is a crucial step in our job creation efforts. Being able to offer potential companies a shovel-ready site is often at the top of their wish list,” stated Denise Walls, executive director of the Lake Martin Area Economic Development Alliance. “Unfortunately, as a rural county, lack of funding often prohibits us from being able to deliver on that. The funding that the State of Alabama offers through the Growing Alabama program allows rural communities like ours to get closer to that goal. We are greatly appreciative to the Alabama Department of Commerce and the Renewal Commission for their consideration of our application. These funds will aide in the creation of 130 jobs and $115 million in investment for the citizens of Coosa and Tallapoosa counties.”
“We also appreciate the support from Alabama Power”, added Walls. “Alabama Power has long been a strong ally in our economic development efforts in the Lake Martin area.”
Site work on the 100-plus acre site in the Lake Martin Regional Industrial Park began last week, and Two Rivers Lumber officials are hopeful that they will be able to begin construction on the mill in late September of this year.
About the Lake Martin Area Economic Development Alliance
The mission of the Lake Martin Area Economic Development Alliance is to attract new business and industry to the Lake Martin area and assist in existing business and industry expansion and retention. This mission is accomplished through a working relationship with state and local governmental entities and through development of attractive and functional industrial sites. Essential to the success of any organization is the ongoing cooperation of its supporters. The Alliance and its efforts are funded by several local private and public entities. Learn more at www.lakemartineda.com.
