Clinton City Council this week approved constructing a “Spec” Building at the I-26 Commerce Park. City Manager Frank Stovall made the proposal Monday evening, explaining that the Clinton Economic Development Corporation (CEDC) has been working a possible public/private partnership that would construct a spec building for the purpose of attracting manufacturing jobs to Clinton. In order for the project to move forward, he said, the CEDC had to commit to the lease of the completed building until it was either sold or leased by an industrial concern. The CEDC executive committee agreed in April to request that the city release $416,250 from its existing Economic Development Account so that they could commit to leasing a 75,000 square foot building on a 150,000 square foot pad.
Stovall recommended the CEDC’s request be granted with stipulations that funds must be spent within 60 months and funds not spent will be returned to the city’s account. Further, funds may only be used to support the construction or lease of a spec building larger than 50,000 square feet and must be used for development in the I-26 Commerce Park. Finally, an annual audit of the CEDC must be submitted to Clinton City Council.
Frank Stovall advised council that the Economic Development Fund includes funding for ‘product development’. Construction of a spec building, he said, would definitely satisfy that definition.
After discussion, council approved the request by unanimous vote.