Jefferson County focuses on economic development

Nov 24, 2013

BIRMINGHAM, Ala. (AP) — State and local officials say they're hoping Jefferson County can begin attracting corporate investment and development after exiting its historic bankruptcy. Jefferson County Economic and Industrial Development Authority Director Ted VonCannon told he doesn't doubt that the county was never considered for certain projects because of its roughly $4 billion bankruptcy. The amount was trimmed by creditors, and was the largest governmental bankruptcy in U.S. history until Detroit filed one for $18 billion. A judge recently approved of the county's plan to exit the bankruptcy early next month. Alabama Secretary of Commerce Greg Canfield says he understands that companies looking to expand likely assumed that other communities could offer better development incentives than Jefferson County could while it was bankrupt.