Jan 28 2002

SHELBY ANNOUNCES "RENEWAL COMMUNITY" DESIGNATION FOR MOBILE

Mobile County Becomes Eligible for Estimated $17 Billion in Tax Incentives

WASHINGTON, DC -- U.S. Senator Richard C. Shelby (R-AL) today announced that Mobile County has been designated a "Renewal Community" by the Department of Housing and Urban Development. Mobile County will be eligible for an estimated $17 billion in tax incentives to stimulate job growth, provide economic development and create affordable housing. The 2000 Community Renewal Tax Relief Act established the Renewal Community Initiative to encourage public-private collaboration to generate economic development in distressed communities around the country.

"I am pleased to announce this opportunity for Mobile County," said Sen. Shelby. "These tax incentives will provide much-needed assistance in our efforts to promote job growth and economic development throughout Mobile County."

The Department of Housing and Urban Development has designated 40 communities around the country as "Renewal Communities." The Renewal Communities are eligible for wage credits, tax deductions, capital gains exclusions and bond financing to stimulate economic development and job growth. Each incentive is tailored to meet the particular needs of a business and offers a significant inducement for companies to locate and hire additional workers.

The median income in the Mobile County Renewal Community is less than a half of the Metropolitan Statistical Area. By reducing tax burdens, improving local services and reducing crime, the County hopes to attract businesses into the area that will make up its Renewal Community.

- 30 -