2002 Section 108 Project Summary - Alabama

Economic Development

BUSINESS EXPANSION TO CREATE 49 ADDITIONAL PERMANENT JOBS
Birmingham - O'Brien's Seafood Restaurant Project $400,000

The City of Birmingham will promote business growth by utilizing $400,000 in Section 108 loan guarantee assistance to finance expansion of O'Brien's Seafood Restaurant. The loan funds will be used to partially finance construction costs of its expansion. Upon completion, the project will create 49 full-time jobs, principally for low- and moderate-income persons. Total project cost is estimated at $2,165,200.

NEW COMMERCE CENTER WILL REUSE FORMER STEEL SITE FOR NEW INDUSTRIES
Birmingham - Birmingham Commerce Center (Heavy Metal, LLC.) $2,000,000

The City of Birmingham will renovate an abandoned industrial site with the help of a Section 108 award of $2,000,000 in loan guarantee assistance to finance the Birmingham Commerce Center Project. The loan funds will be used to convert the former Mosher Steel site into a multi-tenant, light-manufacturing, office and warehouse facility. Section 108 assistance is in conjunction with HUD's Economic Development Initiative (EDI) grant in the amount of $450,000. Section 108 and EDI funds will leverage an estimated $5,240,000 in additional funding. The project is expected to create 186 permanent jobs, principally for low- and moderate-income persons.

HISTORIC FORT CONDE VILLAGE REHABILITATION TO REVIVE BLIGHTED DISTRICT, CREATE NEW JOBS
Mobile - Fort Conde Village Renovation $ 1,275,000

Section 108 will help realize the City of Mobile's goal of rehabilitating the Fort Conde Village complex with an award of $1,275,000 in loan guarantee assistance. The project will renovate seven vacant buildings - six of which will be converted into 23,549 square feet of office space, and a seventh that will become an 11-room bed and breakfast inn. The City has entered into a 50-year lease with the developer, Fort Conde Restoration Venture, LLC, for the rehabilitation and management of the Village, which is listed on the National Register of Historic Districts. Total project cost is estimated at $3,187,000. The project is expected to improve the blighted area while creating 37 permanent jobs, principally for low- and moderate-income persons.