By By Clif Knight, Hartselle Enquirer
If all goes as planned, a proposed new Morgan County Industrial Park near Hartselle will be funded for property acquisitions and infrastructure improvements as early as this fall, according to Jeremy Nails, executive director of the Morgan County Economic Development Association.
Nails said movement on the project occurred Monday night when directors of the Morgan County Industrial Park and Economic Development Cooperative District authorized Merchants Capital to print and mail brochures advertising the issuance of $16 million in bonds for the project.
While the industrial park is being set up as a cooperative district, it is very similar to the organization behind the development of the Mallard Fox Creek Industrial Park in Decatur. In fact, the same funding mechanism is in place: A portion of TV in lieu of taxes payments pledged by each of the county’s seven municipalities along with Morgan County. Each of the eight governing entities has a member on the cooperative district board, with Nails serving as the ninth member and president.
Nails said the first phase of the project would involve about 160 acres of prime commercial property with I-65 frontage in the vicinity of the I-65 and Thompson Road Exit. It will be developed as sites for primarily small to medium industries desiring interstate access.
Nails said the bonds would be offered as both taxable and non-taxable securities. The target date for the next meeting of the district board is Aug. 10 and it is hoped that the bonds will be sold before the end of August.