Albany commissioners have made a unanimous decision to allow the Economic Development Commission to create a investment fund to bring in more business to the Albany-Dougherty County area.
Ted Clem, President for the EDC, says now that city officials have approved the fund, he can negotiate with companies that are already interested in coming to the area.
"We have a number of prospects that we're looking at and what this allows us to do now is sit down and thoroughly explain all the benefits that could come their way if they were to consider Albany for a location," said Ted Clem, President for the Albany Economic Development Commission.With the fund, companies projected to bring 100 jobs or more to Albany will be offered incentives. The money will come from the MEAG fund allocated to the city.
Commissioners had concerns on whether or not they would have to approve each companies incentives on a case by case basis. Ted Clem says all prospective clients will be brought before the board for approval, however, names will be kept confidential.