Alabama Power becomes private partner in development
Published 12:00 am Wednesday, June 18, 2003
The entity that's used to giving the county an economic boost got one of its own Wednesday.
The Pike County Economic Development Corporation received a $10,000 check from Alabama Power, marking the company as one of the first private entities to join forces with the public sector under the economic development corporation.
"We think anything that's good for the City of Troy is good for Alabama Power," Alabama Power vice president Bobby Kerley said.
"We came about a year ago and look at Troy's economic development plan and were thoroughly impressed…we knew we needed to be involved to recruit prospects," he added.
Alabama Power provides the bulk of the wholesale power the city sells to customers on the city's electricity system.
The concept behind the Pike County Economic Development Corporation is to blend public and private resources to create economic growth, said Marsha Gaylard, the corporation's president.
Alabama Power was one that responded to the call.
"They have been very generous in agreeing to be one of our private funding partners," she said.
Alabama Power isn't the only private partner, however.
"We've had great support from Southeast Alabama Gas District - they've been a long-tim funder and major supporter in economic development," Troy Mayor Jimmy Lunsford said.
According to information released by Gaylard, the following private commitments that have been made to date are:
Southeast Ala. Gas Dristrict
Whaley Constructions Company, $10,000
Alabama Power Company, $10,000
First National Bank of Brundidge, $1,800
Troy Bank & Trust, $6,750
Regions Bank, $2,850
Public-sector funding partners to date are:
City of Troy, $50,000
City of Brundidge, $14,000
City of Banks, $1,000
City of Goshen, 41,000
Pike County Commission, in-kind services.