Albany using $30 million to attract businesses

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By AP

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Updated: Fri, 29 Nov 2013 07:18:38 EST

ALBANY, Ga. (AP) — Albany Mayor Dorothy Hubbard says she hopes the city's $30 million corporate recruitment fund will translate to thousands of job in the south Georgia city.

According to the Georgia Department of Labor, Albany has an 8.8 percent unemployment rate and a $30,000 median household income. The unemployment rate is higher than the state average, while the household income is lower than the state average of more than $49,700.

The Atlanta Journal-Constitution (http://bit.ly/1abo70l ) reports that unlike some municipalities, Albany isn't using tax revenue to fund its corporate incentive program. Instead, the money is being drawn from a $90 million rebate the city was given from the Municipal Electric Authority of Georgia.

Customers of the city's government-owned utility paid extra to prepare for anticipated effects of deregulation that never happened.

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Information from: The Atlanta Journal-Constitution, http://www.ajc.com

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