HUNTSVILLE, Ala.(WHNT)-Madison County Commissioners say seizing the moment was imperative in their quest to help land Remington, one reason they’ve opened up their wallets for the longtime gun-maker.
Commissioners went over the fine print of the Remington deal at a work session Tuesday. They’ve pledged to give $3 million in county funds to the company, part of an incentive package that will be used to buy the old Chrysler facility on Wall-Triana Highway that Remington will move into for free.
The city of Huntsville and Madison County agreed to buy the building and some equipment for Remington, provided the company fulfills a promise to bring 2,000 jobs to the area over the next ten years. Huntsville City Council has pledged to give $9.5 million. The estimated sales tax revenue Remington will bring is roughly $12 million per year, nearly equal to the one-time investment being made by city and county leaders.
“That medium-range industry, what I call low-tech, which this falls into the category of, has been a void,” said County Commissioner Bob Harrison. “This is an opportunity to fill that void.”
A formal vote to approve the funding is set for next week.
The agreement struck between Remington and state and local leaders means the company will hold the deed on the old Chrysler facility. It would automatically revert back to the city and county if they close down or move elsewhere. Remington would also be required to take over mortgage payments if they do not hit yearly job marks that are stipulated in the agreement.