Though 2009 was a challenging year for economic development, there were signs of growth, Albert Lea Economic Development Agency Director Dan Dorman said Wednesday during the annual Greater Jobs Inc. meeting at Wedgewood Cove.

Highlighting the year, Dorman went over the successes that happened with the agency, which included a new speculative building, grant dollars and expansion projects.

He said during 2009 the new ALEDA Industrial Park — the revised name of what had been called the South Margaretha Industrial Park — was opened west of the original Jobs Industrial Park between Margaretha and Broadway avenues.

In the spring, construction began for the new 62,000-square-foot spec building in the park on the corner of Margaretha Avenue and 14th Street.

Dorman said the building is 95 percent done and will be finished in the spring.

During 2009, Greater Jobs also secured more than $950,000 in federal and state grant money to construct 777th Avenue, the road between the Love’s Truck Stop and the Interstate 35 and Interstate 90 Business Park, which has 80 acres to sell.

Dorman said the grant dollars will help sell the property at a reduced price.

The project has to be done by the end of the year, he noted, and the agency hopes to start construction as soon as possible.

Third, he talked about the new Jobs Opportunity Building Zones project for an expansion at Alamco Wood Products.

Alamco purchased equipment in Oregon for gluing and laminating wood products — adding to its existing glue-lam assets — and will move it to a building on its property in July.

The project will create about 12 jobs and bring new capital investment to the community.

Fourth, Greater Jobs helped Hartland obtain $25,000 from the state to help with infrastructure costs related to the upcoming Bent Tree Wind Farm, he said.

Greater Jobs also received a $75,000 grant from the U.S. Department of Agriculture’s Rural Development Agency to create a revolving loan fund for small and emerging businesses.

Lastly, he pointed out that Spec Building No. 5 was sold to Minnesota Corrugated Box and that there may be a new opportunity for Greater Jobs to work with Bridon Cordage for an expansion.

Greater Jobs helped Bridon Cordage establish a tax-increment-finance district for the proposed expansion.

In his annual report letter, Dorman said the Albert Lea Economic Development Agency finished 2009 in a strong financial position with more than $16 million in combined net assets of Greater Jobs and the Port Authority.

ALEDA is the umbrella agency over the Albert Lea Port Authority, Greater Jobs and the Albert Lea Business Development Center. It was created in 2003 in an attempt to unify development efforts for Freeborn County, Dorman writes.