At a recent board meeting the St. Clair County Economic Development Council (SCCEDC) voted unanimously to support Amendment Two on the upcoming November 6th ballot.   The EDC has not supported an amendment or legislation before, but felt that it was necessary on this occasion because of the nature of the amendment.  There has been a united voice of strong support for Amendment Two from the Governor’s Office down to the County Commission Offices throughout the state of Alabama.

Amendment Two would change certain language in the Alabama Constitution to allow for the refinancing and reissuance of bonds to support economic development activity as the principal of the existing bonds is paid down. If approved by Alabama voters, this change could result in an additional $130 million for economic development recruitment without any increase in the mandated $750 million bond limit or increase in taxes.

“The Alabama Association of County Commissioners has endorsed this important amendment to assist our efforts to continue to be successful as we pursue job producing economic development projects.  I encourage the citizens of St. Clair County to vote yes on Amendment Two.” Chairman Stan Batemon, St. Clair County Commission

According to information provided by SCCEDC Executive Director, Don Smith, in the year 2000 the citizens of Alabama voted to issue bonds with intent that proceeds be used to recruit new companies, specifically Honda, and help existing industries expand.  These bonds have been increased over the years for specific economic development projects to its current level of $750 million.  This amendment will allow the State to refinance these bonds and utilize the bond capacity currently in place.  By refinancing, the State will have $120-130 million dollars to use toward creating jobs in Alabama without raising taxes or increasing the already approved bond capacity.

Over the years, these funds have been used to recruit economic development projects including Honda, Hyundai, ThyssenKrupp, Airbus, the Mercedes C Class expansion, Project Golden Dragon and many other companies around the state including some now in St. Clair County.

“The amendment has no real opposition, but because of the technical language it might be confusing on the voting ballot which typically leads to a negative vote.  That is why an educational effort has begun to make sure that everyone understands the importance of Amendment Two,” said Smith.

  “I believe everyone in St. Clair County has either benefited from or knows someone that has benefited from the companies that have come to our State because of these funds. Just as we do on a local level, the State evaluates each project based on job creation, investment, and potential secondary tax generation,” said Smith.  “These funds are ordinarily performance-based and generate more revenue for the State over time than what is initially invested.  Investment in economic development is one of the wisest investments you can make.”