A plan to turn a shuttered building in Selma into a pipe-manufacturing facility is being financed through a New Markets Tax Credit allocation from Atmore-based UB Community Development.
Colclasure Enterprises and Timewell Drainage will manufacture and distribute finished pipe and products from the facility in Selma’s Craig Industrial Park. The project is expected to create 50 fulltime jobs.
Timewell, a family-owned and operated company headquartered in Timewell, Ill., manufactures plastic pipes and drainage solutions for agriculture, commercial, and residential use.
UB Community Development, a community development partner of United Bank, is providing a $12 million allocation to finance the retrofitting of a shuttered building to manufacture and distribute extruded pipe. Additionally, United Bank contributed $8.7 million in loans to the project.
“The closing on this NMTC transaction to assist Colclasure Enterprises continues our long-standing record of assisting economic development in Alabama’s rural Black Belt region,” said Alex Jones, president of UB Community Development. “We are grateful that the Colclasure and Timewell teams allowed us to assist them in their expansion into Alabama,”
New Markets Tax Credits will allow the company to provide extensive training for their employees, enabling them to make the majority of all the new jobs accessible to those who live in the rural community of Selma. Training that will be provided includes a 3-month truck driving training course, maintenance training for workers who can service plastic extruding equipment and management training for those employees who seek to progress in their careers with the company.
“With the assistance of the NMTC allocation and UB Community Development, we are proud to invest in Selma and Dallas County,” said Cory Colclasure, CEO of Timewell Drainage Products. “This facility not only allows us to expand our operations but also brings valuable job opportunities and economic growth to the community,
In addition to their headquarters in Illinois, Timewell operates facilities in Sibley and Plainfield, Iowa; Jefferson, Wis.; Providence, Ky;, and Nashville.
