The Gadsden City Council on Tuesday voted to amend a tax abatement to support an expansion of Prince Metal Stamping USA Inc. that is expected to bring about 65 jobs to the area.
Mayor Sherman Guyton says Gadsden is more than holding its own when it comes to job growth.
New projects in the City of Gadsden
29 IDA projects are operating today in the City of Gadsden. They:
• Created 2,440 jobs (this is 50% of the manufacturing employment in Etowah County.)
• Have a $65,000,000 payroll.
• Generate $1,300,000 per year in new OLF revenues.
• New OLF revenues alone provide a 3-to-1 return on the city’s $425,000 annual investment in the IDA.
It would be feasible to develop the Little Canoe Creek Industrial property as a megasite, Mike McCain, executive director of the Gadsden-Etowah Industrial Development Authority, told the Etowah County Commission Tuesday in a work session. However, there could be a lengthy wait for any return on the county’s investment.
Industrial projects the Gadsden City Council was briefed on this week included good and bad news — six projects will be locating here while two chose other locations.