EDC may receive a new tool to recruit business

The EDC discusses the "Deal Closing Fund". / Sean Streicher

When the Albany-Dougherty Economic Development Commission (EDC) tries to recruit new businesses to the area they present incentives from the state, county and city to help them do so. With a new concept known as the deal closing fund, they may soon have a new weapon in their arsenal.

Albany's long term financial planning committee is behind this concept which would use one third of the city's MEAG funds for this economic development incentive. This would equal anywhere from $10-30 million.

The EDC Chairman, Jay Smith, say's allowing the money to be used for businesses incentives will be help the economy, "the only way to grow the economy is to grow jobs and to grow the business base."

These funds won't be available to every business coming to the area. In order to receive money they'll have to ether create 100 new jobs or have a $10 million capital investment.

A matrix would still need to be created to determine how much funding a business receives. Once the money is delegated the company will be able to spend it on start up cost.

"Infrastructure improvements, things they need to do to get a site prepared and ready to build on, there's any number of things that state law would allow this money to be used for," said the EDC President Ted Clem.

The city commission will vote on the Deal Closing Fund at next Tuesday's meeting.