Madison County Commissioners authorized an agreement Wednesday that will officially bring America's oldest gun manufacturer, Remington, to the Rocket City.
The agreement is between Madison County, the City of Huntsville, the Industrial Development Board, and Remington. Madison County officially signed off on its end of the deal during Wednesday's commission meeting.
Commissioners received the final contract Tuesday night, less than 24 hours before their vote. While some commissioners expressed they would have liked more time to review it, the county attorney said the financial end of the deal has not changed, just the wording within it.
Commissioners see the project as a monumental economic development opportunity, bringing 2,000 new jobs to the area once the company is in full production. A further 3,000 are expected from new business that pop up as a result of the plant.
However their main concern is making sure they get the return they want on their investment. For example, the building Remington is moving into was formerly occupied by Chrysler – an investment the Madison County Commission made that didn't work out.
At full production, the roughly 2,000 workers' estimated payroll is $105 million, with an average salary of $42,000 not including benefits.
Only a couple hundred jobs will initially be available when Remington opens, but that number is expected to grow over a ten-year period. Officials said production should get underway about 18 months from now.
The City of Huntsville is set to make its participation official at Thursday's council meeting.
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