The Birmingham City Council has approved a $10 million expansion of a manufacturing facility near Leeds. The expansion, which will be funded through private financing, is expected to create 15-20 new jobs in the area.
Project Details
The project will be financed through industrial revenue bonds issued by the Birmingham Industrial Development Board. According to city officials, the bonds will be repaid through private financing, with no liability to the city.
Edward Gaal, an attorney with Bradley Arant Boult Cummings, spoke to the council before the unanimous vote, stating that there will be no city or IDB funds used for the agreement. The company, Culton Companies Inc., manufactures trade show displays, commercial interiors, and interactive environments for museums.
The existing 130,000-square-foot facility on Woodlands Industrial Drive was purchased by Culton Companies Inc. from EBSCO Industries earlier this year. A letter of credit for the project was provided by CB&S Bank, which is supporting the issuance of the new industrial bond for a term of up to 20 years.
Original reporting: BirminghamWatch — read the source article.
