For years, critics of the Franklin County Development Authority have maintained the organization needs a Franklin County person as its executive director.
When she began as FCDA interim executive director June 4, Sherye Price became just such a person. Price, who's been with the FCDA since 2006, replaced Mitch Mays, who retired effective June 3 after accepting a position with the Tennessee Tombigbee Waterway Development Council.
Price, a Tharptown resident, moved with her family to Franklin County when she was three. From Pleasant Site to Phil Campbell, Price knows this county well.
“For me, because I grew up here, it was important to me personally what this office does,” Price said. “I feel a commitment and responsibility to Franklin County to see improvements, see our companies grow and new jobs added.”
Price's first month in her new position has been busy. With Mar-Jac's feed mill project underway in Spruce Pine, MS Industries' expansion into the former Vulcan facility and several local industries actively working with the FCDA on expansion, there hasn't been any down time for Price.
“With the new position comes added responsibility,” Price said. “It's the same network, same duties along with some added responsibilities. It's been a busy few weeks, but it's a good busy.”
Price is working with three local companies on what she described as “active expansion discussions,” and she plans to focus on working with existing industry as the centerpiece of seeing the local economy grow.
“They say eighty percent of new jobs come from existing industry, and that's pretty accurate in Franklin County," Price said. "We've got some strong industry here. They've been here for years, and some of them grow almost on an annual basis."
One area Price hopes to see the FCDA more active in includes attending consulting events and trade shows, something that's declined in recent years due to local budget constraints. Industrial recruiting is all about making contacts, and regional and national events allow that to happen.
“We haven't been able to do as much because our budget has gone down," Price said. "But getting out to those events is important in reaching out as far as building a network. You build new contacts with consultants and companies, and they reach you down the line when they're ready to expand.”
The marketing of Franklin County is, at its core, salesmanship. And when you look at what other salesmen have to offer industries, Franklin County faces some stiff competition.
“You have to consider who we're competing against," Price said. "The Shoals has a pot of money from its economic development sales tax. Mississippi has so many buildings they can give them away, and they're doing just that. We have limited buildings and limited incentive sources here, and that affects us.
“All those sources [including the Franklin County Commission, local municipalities, the Franklin County Community Development Council, etc.] have always answered the call for help, but you can't go to them forever. Their resources are limited.”
Price believes some form of sustained funding, likely through a local tax, must be found for the Franklin County Development Authority to remain viable long-term. The office receives proceeds from Franklin County's sand and gravel severance tax, but that amount (which began around $200,000 in 2006) has declined to just over $80,000 last year.
The authority's other funding comes from the cities of Russellville and Red Bay, along with some private funding sponsors.
There are no immediate plans to hire an assistant to replace Price as the FCDA board of directors works to address long-term funding issues in the coming months. Franklin County voters renewed the one-cent school tax earlier this year, and nine fire districts will decide on annual fees for volunteer fire departments in November, making the prospect of a new tax for industrial and economic development less likely.
Price plans an active summer where she will reach out to local business owners and county leaders to receive their feedback on what would help increase economic development.
“In the coming weeks, I'll sit down with some of our elected officials and business leaders and see what we can work on together and to really listen to see what suggestions they have," Price said. "I'm looking forward to that process."
If future funding issues are resolved, Price is optimistic about the direction Franklin County is moving.
“Right now I feel it's improving," she said. "Over the last month, we've had a lot of existing industry call and talk about expanding, and that makes me think we're on an upswing."
