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Here is today's summary of economic development news, a free service of the Economic Development Partnership of Alabama, representing Alabama's private sector investment in economic development. If you enjoy NewsFlash, thank an EDPA Partner.
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Innovative company's partnership with this Alabama city wins major economic development award
ON AUGUST 13, 2015
MONTGOMERY, Ala. - The City of Montgomery and Infinitus Energy have been awarded the 2015 Alabama Innovation Award for Outstanding Public-Private Partnership by Alabama Launchpad, a program of the Economic Development Partnership of Alabama (EDPA).
The 2015 Alabama Innovation Awards are part of an annual program recognizing the state's top innovators in the areas of job creation and technology that solves a local or global need. The 81,992-square-foot Materials Recovery Facility (MRF) that represents a $35 million capital investment by Infinitus Energy is the most advanced recycling facility in the country. With the new system, city residents continue to throw away their garbage into a city-issued bin, but the waste will go to the recovery center to be sorted and then recycled.
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Polaris off-road vehicle plant in Huntsville on schedule for January completion
on August 13, 2015
Construction on the new Polaris off-road vehicle factory in Huntsville-annexed Limestone County is on schedule for an early 2016 opening.
The Minnesota company is working with Nashville-based T.W. Frierson Contractor and Design Constructors to build the more than 700,000-square-foot, $48 million facility west of Greenbrier Road. The project, which will employ at least 1,700 workers, is expected to start early production by January. Polaris Director of International Operations Ed Heffernan said the facility is one component of an overall $150 million investment project, which includes the building, capital equipment costs, tooling and other expenses. Although the building will be flexible enough to produce any Polaris vehicle, Heffernan said it will initially make the RANGER model in two-seat, full-size and multi-passenger styles.
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New job credit incentive key to Birmingham landing Kamtek expansion
But that announcement might have been made in another city, in another state, if not for a key incentive provided to the state through the Made in Alabama JobsAct passed by the Alabama Legislature earlier this year: the new jobs credit. According to Birmingham Business Alliance Senior Vice President for Economic Development Rick Davis, as many as seven states had been in the running for the Kamtek expansion, which includes a new $80 million, 148,000-square-foot facility.
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Korean-American bank promises to help city grow
Brad Harper, Montgomery Advertiser
August 14, 2015
Wilshire Bank President and CEO Jae Whan Yoo got a surprise Thursday as he met with Montgomery leaders before officially opening the first branch of the Korean-American bank in Alabama.
"It's in Korean," Yoo laughed as he examined Montgomery Mayor Todd Strange's business card.
California-based Wilshire has branches in Texas, New York and New Jersey. Earlier this year it opened its first Southeast branch in LaGrange, Georgia, and finished building a Montgomery branch last month - the latest sign of a growing local Korean community that was sparked by the arrival of Hyundai Motor Manufacturing Alabama a decade ago.
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