Shoals chamber supports development fund

Members of Shoals Chamber of Commerce board of directors announced Thursday their support for an economic development fund that would receive monies generated by a proposed half-cent sales tax.

Officials with the Shoals Economic Development Authority recently proposed the tax. They approached the Lauderdale and Colbert County commissions Tuesday to request support for state legislators to pass a bill that would increase the sales tax.

Chamber of Commerce President Steve Holt said the board of directors approved the economic development fund and the work that SEDA is doing to help the Shoals economy.

"We're representative of the business community, so we felt it was important to make a statement that was in support of the fund," Holt said.

He said SEDA is currently working on a major project and said it will take some local incentives to help the project come together.

"We think the time is right, right now, to make that happen. This has to be a Shoals-wide effort," Holt said.

In the statement of support, the board of directors said, "This fund should enable the Shoals to compete for other projects that will arise in the future … (and) establish a mechanism to help take care of our existing industry."

Board members explained that existing Shoals industry "creates more than 75 percent of our net new jobs annually."

Holt explained that supporting existing industries, as well as anticipating new industries and providing more jobs would be the main goal of the economic development fund.

"It's a competitive market," Holt said. "You literally compete worldwide … for any project."

Kenda Williams can be reached at 740-5720 or kenda.williams@timesdaily.com.