Investors have pumped almost $20 million into a plan to retrofit the Colclasure Enterprises facility at Craig Industrial Park.
UB Community Development, LLC, a community development partner of United Bank, announced Dec. 12 that it’s providing a $12 million New Markets Tax Credit allocation to finance the project.
Additionally, United Bank, a certified Community Development Financial Institution, announced it contributed $8.7 million in loans to the project.
Colclasure Enterprises, LLC is an affiliate of Timewell Drainage Products. Timewell is a family-owned and operated company headquartered in Timewell, Illinois and manufactures plastic pipes for agriculture, commercial and residential use.
Pipe from the Selma facility will be shipped across the southern United States from this new facility, the release said.
“The closing on this NMTC transaction to assist Colclasure Enterprises continues our long-standing record of assisting economic development in Alabama’s rural Black Belt region,” said Alex Jones, president of UB Community Development.
New Markets Tax Credits will allow the company to provide extensive training for their employees, enabling them to make the majority of all the new jobs accessible to those who live in Selma, according to the release.
Training includes a three-month truck driving training course, maintenance training for workers who can service plastic extruding equipment and management training.
“With the assistance of the NMTC allocation and UB Community Development, we are proud to invest in Selma and Dallas County,” Timewell Drainage Products CEO Cory Colclasure said. “This facility not only allows us to expand our operations, but also brings valuable job opportunities and economic growth to the community.”
In addition to their headquarters in Illinois, Timewell operates facilities in Iowa, Wisconsin Kentucky and Tennessee.
Keep it Clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. PLEASE TURN OFF YOUR CAPS LOCK. Don't Threaten. Threats of harming another
person will not be tolerated. Be Truthful. Don't knowingly lie about anyone
or anything. Be Nice. No racism, sexism or any sort of -ism
that is degrading to another person. Be Proactive. Use the 'Report' link on
each comment to let us know of abusive posts. Share with Us. We'd love to hear eyewitness
accounts, the history behind an article.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.