The Shoals Economic Development Fund (SEDF) was formed in 2007 with the goal to further support development at the federal and state levels. The Shoals region is one of the only areas in the state that has a fund of this kind. The SEDF is designed to encourage and promote economic growth in Lauderdale and Colbert Counties.
Through the recommendation of the Shoals Economic Development Authority (SEDA) Board and the approval of the Shoals Industrial Development Committee (SIDC), funds can be made available for the inducement of new manufacturing, industrial related, research & development, and tech businesses and the expansion of existing industries within the Shoals. Reimbursement is calculated by an economic impact analysis based on the total capital expenditures and job creation.
One of the groups that evaluate SEDF applications, the SIDC, is comprised of the mayors of the four major cities in the region: Florence, Muscle Shoals, Tuscumbia, and Sheffield; a rotating mayoral seat for each county to be filled with a mayor from one of the smaller communities; one member of the Colbert County Commission; a member of the Florence City Council; and, two members of the Lauderdale County Commission.
As the SEDF currently stands, ineligible uses of the fund include:
Most applications for funding through the SEDF are not denied.The SEDA Board and SIDC will work together to offer an alternative solution to the request.
Through the SEDF, the following things are currently funded, in addition to projects:
The SEDF provides a unique funding mechanism to projects that make a positive impact on our economy, improve our quality of life, and really move the needle in our region. We believe there are many ways to reach the goal of job creation; it could be through workforce development, infrastructure improvements, new business announcements, or existing industry expansions. We believe the goal of the SIDC is to work with projects to find a way to fund their needs, and they are always willing to negotiate to help achieve this goal.
- The Shoals Economic Development Authority