A joint effort by South Alabama Electric Cooperative (SAEC) and Troy Bank and Trust is helping to make a 188-acre industrial park in Brundidge more attractive to businesses.
While several companies have looked at the North Industrial Park, none have chosen the property. Growing Alabama funding, however, could make the tract more appealing by getting it “shovel-ready” for prospective businesses, Brundidge City Manager Willie Wright says.
Getting Involved
Growing Alabama allows eligible taxpayers to donate to economic development projects and receive a tax credit equal to their contribution. Eligible projects include site preparation of public land for industrial use and infrastructure improvements to existing industrial properties. The project site in Brundidge is currently all timber.
Powerful Partnerships
SAEC General Manager David Bailey says that as a cooperative, community involvement is 1 of SAEC’s basic guiding principles.
“This project with the city of Brundidge is a perfect example of that involvement,” he says. “Brundidge is a very important partner in our community. These funds will provide the city with the opportunity to grow their business environment. With the growth in businesses in our communities, it provides jobs for our local citizens. When businesses and jobs grow it improves our local school systems. I think in the end, the citizens of our communities want their families to have the opportunity to stay in our local communities. Growth in business is a way for families to stay local.”
Bailey says it is also important to note that the funds used in this project were going to be dispersed to the state of Alabama, but state representatives had the foresight to develop the Growing Alabama program, allowing local businesses to use tax dollars they would otherwise pay to the state to bene t local communities.
“South Alabama Electric is honored to partner with Troy Bank and Trust to be a small part of this program,” he says.
PowerSouth Energy Cooperative, the Andalusia-based wholesale electric provider, does not qualify for the tax credits, but it helps identify projects for its member cooperatives like SAEC. Of the $15.5 million allocated for Growing Alabama earlier this year, $6.1 million will go to projects PowerSouth helped find in communities within its territory including the Brundidge project, says Caleb Goodwyn, who oversees community development and nance for PowerSouth.
Since 2021, when public utilities were first able to participate in Growing Alabama tax credits, cooperatives have supported projects worth more than $8.9 million. In that time, the value of SAEC-driven projects is nearly $2.7 million.
“The greatest benefit is it’s a way for them to redirect a portion of their taxes to an area that they serve or an area that another co-op serves,” Goodwyn says.
SAEC has contributed to other Growing Alabama projects, but this is the first such project that Troy Bank and Trust has done, says Troy Bank and Trust Marketing Coordinator Meredith Welch. e bank hopes to do more, she says.
“We see it as a way to help the community and provide an incentive for businesses to come in and help the city of Brundidge grow,” Welch says.
Jeff Kervin, president and CEO of Troy Bank and Trust, says the financial institution is proud of the partnership with SAEC and Brundidge and the investment in the North Industrial Park project.
“This project aligns with our mission of generating economic growth and opportunity in our communities and will allow the city of Brundidge to continue to grow and prosper,” Kervin says. “Troy Bank and Trust has enjoyed a long relationship with the city of Brundidge and we look forward to continuing that relationship for decades to come.”
Brundidge Mayor Isabell Boyd and the city are thankful for the commitment shown by SAEC and Troy Bank and Trust.
“1 thing about Pike County, we try to work together to help each other grow, and it means a lot to her and to the citizens of the city of Brundidge to see the communities come together to make a better Pike County,” Wright says.
The Alabama Department of Commerce administers the Growing Alabama program, but the Renewal of Alabama Commission approves applications. A total of $23 million is available under the Growing Alabama program this calendar year. The annual amount available is set to increase incrementally up to $35 million by 2028.