Albertville Regional Airport will soon be the site of a major capital project that officials hope spurs economic development in the area.
The Albertville City Council awarded a $452,352 contract to Reidco General Contracting of Vinemont to design and build a 10,000-square-foot corporate hangar to store jets and other planes.
The project is funded through a grant secured by former State Sen. Hinton Mitchem for economic development at the airport, according to Jerry Cofield, director of Aviation and Economic Development for Albertville.
Cofield expects construction to start in January and be completed in 90 to 120 days.
Cofield said the city, which collects 6 cents per gallon of fuel sales at the airport, could benefit from the new hangar on a much larger scale.
"Some people have already expressed an interest to have their airplane located here," Cofield said. "If they locate their plane here, they could locate their business here. It could help the airport become an economic engine to bringing businesses to the area.
"Once we get a business' corporate jet coming into the airport, the tendency to locate in the area is greater."