U.S. Rep. Bart Gordon [Click to enlarge]

On the same week that one Shelbyville industry announced its closure, U.S. Rep. Bart Gordon announced that Duck River Electric Membership Corp. has been given a $300,000 grant to help build a spec building to attract a similar-sized industry to Airport Business Park.

A speculative, or "spec," building is one built without a specific customer in mind. It can be shown to industries which express an interest in the area. Shelbyville-based DREMC will use the $300,000 U.S. Department of Agriculture Rural Development grant to set up a revolving loan fund, with the spec building as its first project, Gordon (D-Murfreesboro) said in a news release.

"Duck River Electric Membership Corporation is making it easier for industry to say 'yes' to Shelbyville and Bedford County by providing them with the tools they need to get started," Gordon said. "This project fits nicely with the intent of the Rural Economic Development Grant program and will likely result in a good return on this investment."

The money will be used to capitalize a revolving loan fund. The initial loan will assist Shelbyville & Bedford County Industrial Board in constructing a 48,000-square-foot spec building in the Airport Business Park, according to DREMC General Manager Jim Allison.

"This is a joint project between the industrial board, Duck River Electric Membership Corporation, the Tennessee Valley Authority, city and county governments, the owner of the property in the Airport Business Park and local banks," Allison said. "When completed, a shell building will be available for a prospective industry to purchase and finish, according to their manufacturing needs. It's an inducement to a prospective industry to have that much of the construction completed."

A projected 65 jobs would be created by whatever industry purchases that size building, Allison said. That's close to the 70 jobs which are being lost as a result of the closure, announced this week, of the Aleris International Inc. plant on Railroad Avenue.

"Helping Shelbyville prepare to take advantage of new business opportunities is only half the story. As the initial loan is repaid, Duck River Electric will have funds to invest in business development again and again," said Rural Development State Director Mary Ruth Tackett.

"We appreciate Congressman Gordon and the rest of our congressional delegation for making sure Rural Development has the funding to make these vital investments in our rural communities."

Airport Business Park is already home to Wal-Mart Distribution Center; Summit Polymers; Harts Chapel Nissan and the new Heritage Medical Center, which will open in July.