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Background of
The Shoals Economy
The Beginning:
Creation of SIDA
Transition:
SIDA Becomes SEDA
Today: SEDA
Meets the Challenge
Background of The Shoals
Economy
Throughout the middle half of the
20th century, Northwest Alabama
prospered through opportunities
provided by a number of public and
private employers, most notably the
Tennessee Valley Authority, Ford
Motor Company, and Reynolds Metals. Multiple generations worked in these
facilities, which provided a surplus
of capital for both public and
private services.
As the national and world economies
began to change in the late 1970's,
Northwest Alabama businesses and
those who worked here began to learn
what it means to do more with less. Business operations could no longer
afford the inefficiencies of the
past. Local governments also began
to realize that they were being
asked to provide more services with
less income.
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The Beginning: Creation
of SIDA
In 1985, as unemployment rates skyrocketed
into the high teens, a group of
private and public area leaders
realized that the existing community
development efforts were fragmented
and financially inefficient.
Furthermore, advice sought from
numerous economic development
experts clearly stated that a joint
effort between all Shoals area
communities would be the most
suitable and effective method of
service delivery. In early 1986,
through the strong efforts of many
people and the leadership of the
University of North Alabama and the
TimesDaily newspaper, the Shoals
Industrial Development Authority, or
SIDA, was created.
The Shoals Industrial Development
Authority was the first multi-county
public industrial recruitment
organization in the State. In fact,
the Alabama Code had to be amended
to allow such a cooperative effort
to take place. SIDA also broke
ground in the Shoals, leading the
way for other joint
Colbert/Lauderdale County efforts to
become a reality.
SIDA's work had just begun.
A lot of time, energy and money was
invested in proving that SIDA was an
organization that supported all
communities equally. The employment
of an executive director and staff
allowed the organization to begin
its first attempt at marketing the
area's economic development assets
to the nation.
SIDA, with an annual budget of $325,000
provided by public and private
contributions and a staff of two, placed an emphasis on
marketing itself to the area and to
the nation. Like most new efforts,
the intent was to make something
happen, and fast. Although extensive
media marketing yielded minimal
results, the community did benefit
from improved consultant and state
economic development relationships. Through the efforts of many, the
1990 Florence MSA unemployment rate
had dropped back to a respectable
6.8 percent.
With the departure of the executive
director in late 1990, the SIDA
Board of Directors took the time to
evaluate their progress and to
address the issues normally
associated with startup efforts. It
became clear that SIDA had become
the "essential service of local
government" as defined in its
enabling legislation. But more
importantly, SIDA was the catalyst
that allowed the rival communities
to begin cooperating.
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Transition: SIDA Becomes
SEDA
After hiring a
new executive director, SIDA began the task of establishing
itself as a financially sound,
professionally staffed organization
that would offer a full array of
economic development services to the
community.
In 1996, with a new name that
represented the full array of services
offered by the organization, a budget of $425,000, and a staff
of five, the revised Shoals Economic
Development Authority (SEDA)
implemented a five-year strategic
plan approved by public and private
leaders alike. The plan was designed to
further establish the organization
as the single source for economic
development services for new and
existing manufacturing and support
services.
During this time, an
additional emphasis was placed on
improving local assets, as well
as marketing these assets to the
world. An aggressive move was made
to purchase and begin the
development of the
Barton Riverfront
Industrial Park. SEDA also
recognized the need to use a spec
building as a marketing tool. Successful SEDA-constructed
facilities were located in
Sheffield
Industrial Park,
Rogersville
Industrial Park, and
Shoals Commerce Park. The marketing
segment of the five-year plan also
yielded remarkable results. Visits
by new companies interested in the
Shoals increased dramatically from
11 during the first year of the plan
to 56 during the last full reporting
year.
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Today: SEDA Meets the
Challenge
Today,
SEDA is an established
public/private partnership whose
challenge is to constantly strive
toward the improvement of the Shoals
area economy. Its professional staff
is committed to an exciting future
built on innovation as well as
tradition. SEDA strives to be
recognized worldwide as a unified
benchmark community known for its
proactive business recruitment and
expansion environment.
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