Albany MEAG funds to help economic growth - WALB.com, Albany News, Weather, Sports

Albany MEAG funds to help economic growth

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ALBANY, GA (WALB) -

Albany City Commissioners adopted a policy they hope will help attract major manufacturers and lots of jobs to the city.

The Water Gas and Light Commission is getting millions of dollars in reimbursements from MEAG power bonds.

City Commissioners voted unanimously to put at least a third of the money into a new fund that will give incentives to large companies that agree to locate here.

"The commission agreed tonight to utilize that fund in the opportunity in trying to encourage economic development and job growth. A number of procedures will have to be in place in conjunction with the Economic Development Commission to operate that fund and to try to bring in new businesses and expand existing businesses," said Albany Assistant City Manager Wes Smith.

City officials have depended on revenue from MEAG power bonds to balance the budget in recent years.

The payouts will end in five years, so they're trying to plan ahead to make sure they can still balance the budget without tax increases.

 

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