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.
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...WIND ADVISORY REMAINS IN EFFECT UNTIL 1 PM CDT MONDAY...
...FREEZE WARNING REMAINS IN EFFECT FROM 10 PM MONDAY TO 10 AM CDT
TUESDAY...
* WHAT...For the Wind Advisory, southwest winds 15 to 25 mph with
gusts up to 40 mph expected. For the Freeze Warning, sub-freezing
temperatures as low as 20 expected.
* WHERE...A portion of central Alabama.
* WHEN...For the Wind Advisory, until 1 PM CDT Monday. For the
Freeze Warning, from 10 PM Monday to 10 AM CDT Tuesday.
* IMPACTS...Gusty winds will blow around unsecured objects. Trees
could be blown down and a few power outages may result. Frost and
freeze conditions could kill crops, other sensitive vegetation and
possibly damage unprotected outdoor plumbing.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Winds this strong can make driving difficult, especially for high
profile vehicles. Use extra caution.
Secure outdoor objects.
Take steps now to protect tender plants from the cold.
To prevent freezing and possible bursting of pipes they should be
wrapped, drained, or allowed to drip slowly.
&&
...WIND ADVISORY REMAINS IN EFFECT UNTIL 1 PM CDT MONDAY...
...FREEZE WARNING REMAINS IN EFFECT FROM 10 PM MONDAY TO 10 AM CDT
TUESDAY...
* WHAT...For the Wind Advisory, southwest winds 15 to 25 mph with
gusts up to 40 mph expected. For the Freeze Warning, sub-freezing
temperatures as low as 20 expected.
* WHERE...A portion of central Alabama.
* WHEN...For the Wind Advisory, until 1 PM CDT Monday. For the
Freeze Warning, from 10 PM Monday to 10 AM CDT Tuesday.
* IMPACTS...Gusty winds will blow around unsecured objects. Trees
could be blown down and a few power outages may result. Frost and
freeze conditions could kill crops, other sensitive vegetation and
possibly damage unprotected outdoor plumbing.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Winds this strong can make driving difficult, especially for high
profile vehicles. Use extra caution.
Secure outdoor objects.
Take steps now to protect tender plants from the cold.
To prevent freezing and possible bursting of pipes they should be
wrapped, drained, or allowed to drip slowly.
&&
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