Jefferson County approves jobs grant for Stonex Group expansion, schedules public hearing
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Jefferson County commissioners voted to approve a discretionary jobs grant to support a proposed expansion by Stonex Group and set a public hearing to finalize the incentive.
An economic development presenter described the project as an expansion in District 5 with a capital investment of "about $10,900,000" and said it would create "about 88 new jobs" with "an average wage of about $40.61 an hour." The presenter said the state of Alabama is participating in the incentives package and that the county action would allow the state to finalize its offer.
"Jobs grant would be capped at 200,000," the presenter said. The presenter also cited a Birmingham Business Alliance cost-benefit analysis estimating roughly $1,100,000 to the county general fund and about $640,000 to the educational fund from the project (figures described by the presenter).
Commissioners made and seconded a motion to move forward with the jobs grant; a voice vote followed and the commission recorded ayes. The body also scheduled a public hearing on the matter for Thursday to allow final consideration of the county’s role in the incentives package.
The commission’s action covered the discretionary jobs grant only; the presenter said a separate tax payment/abatement package would be presented at a subsequent meeting once remaining details are finalized.
Next steps: a public hearing will be held Thursday; staff indicated the tax-abatement/tax package will return to the commission later for action.
An economic development presenter described the project as an expansion in District 5 with a capital investment of "about $10,900,000" and said it would create "about 88 new jobs" with "an average wage of about $40.61 an hour." The presenter said the state of Alabama is participating in the incentives package and that the county action would allow the state to finalize its offer.
"Jobs grant would be capped at 200,000," the presenter said. The presenter also cited a Birmingham Business Alliance cost-benefit analysis estimating roughly $1,100,000 to the county general fund and about $640,000 to the educational fund from the project (figures described by the presenter).
Commissioners made and seconded a motion to move forward with the jobs grant; a voice vote followed and the commission recorded ayes. The body also scheduled a public hearing on the matter for Thursday to allow final consideration of the county’s role in the incentives package.
The commission’s action covered the discretionary jobs grant only; the presenter said a separate tax payment/abatement package would be presented at a subsequent meeting once remaining details are finalized.
Next steps: a public hearing will be held Thursday; staff indicated the tax-abatement/tax package will return to the commission later for action.
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