The State of Alabama received 34 applications from local economic development authorities for funding for industrial site development in their communities.
Legislation was passed into law in the 2023 session granting additional powers so that the Site Industrial Development Authority (SIDA) may issue site assessment grants and site development grants with the hope of increasing the quality and quantity of industrial sites in Alabama.
The deadline to submit applications was last week.
“There were 34 applications submitted for site assessment and site development grants under the SEEDS Act and the total requested funding amount exceeded $40 million. SEEDS is a competitive program and the grant recipients will be selected after a thorough review process. The State Industrial Development Authority is expected to meet in early 2024 to approve the grants,” Greg Blalock, a project director with the Economic Development Partnership of Alabama, told 1819 News on Wednesday.
The Site Evaluation Economic Development Strategy (SEEDS) Act authorized SIDA to make site assessments and site development grants. SIDA has contracted with the Economic Development Partnership of Alabama to administer the grant programs. $40 million has been appropriated to SIDA for the SEEDS program.
Applications for the funding closed on Friday. The funding is scheduled to be approved in the last week of February 2024 at a to-be-determined date.
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