The Birmingham City Council last week formally told Alabama that it would use the recovery zone economic development bond volume cap of $26.8 million and recovery zone facility bond cap allocation of $40.24 million from Jefferson County.
Birmingham will finance $39 million of various projects with either RZEDBs or Build America Bonds, or tax-exempt debt, depending on which qualify for the various programs.
Several private projects were approved to be financed with RZFBs, including $4.2 million to develop a nationally branded hotel at the Alabama State Fairgrounds, $20 million for the Southern Research Institute to renovate an engineering building and build a new research building, $14.5 million for the Medical Clinic Board of Birmingham to develop a 117-bed nursing home, $2 million to finance a new motorcycle manufacturing facility, and $7.9 million for Green Solar Manufacturing LLC to finance a manufacturing facility.
Under state guidelines, the bonds must be sold soon so the projects can get under way by July 30.
