OXFORD — Lafayette County supervisors have agreed to receive a $6-million loan from the state to expedite Olin Corp.’s expansion of its Winchester ammunition facility in Oxford.
The Oxford Eagle reports that supervisors signed the loan papers this week. The money will come from the Mississippi Development Authority.
County Attorney David O’Donnell said the $6 million would be used to prepare the land the plant will be built on and the infrastructure, such as roads and utilities.
The 500,000-square-foot plant will be built next to the existing Winchester plant in the Lafayette County Industrial Park.
The county must advertise its intent to receive the loan in a local newspaper to give opponents a chance to object. Should 20 percent, or 1,500, qualified voters, file a complaint, then a countywide election would be scheduled on the issue.
Olin will own the building but lease the land from the county. The lease payments will be used to pay back the loan over a 20-year period.
Supervisors are scheduled to meet Feb. 14 to finalize the loan if no objection is received.
In November, Olin announced plans to move its Centerfire ammunition operations from East Alton, Ill.
The project will bring 1,000 ammunition manufacturing jobs to Oxford over the next five years.
Officials expect to start taking bids by the end of January through the middle of March.