NATCHEZ — Economic development leaders in Adams County hope an anticipated loss of $135,000 in property taxes from the former Rentech site will be offset by attracting new industry.
The Natchez Democrat reports the county’s acquisition of the property is expected to close Aug. 12.
Adams County is borrowing $9 million to buy the former International Paper property from Rentech. The property covers 478 acres.
The IP mill was once home to the area’s biggest employer but was shuttered in 2003.
Rentech purchased the property in 2008 with plans to build a coal-to-liquids fuel plant on the site. Rentech announced late last year that it had scrapped its plans and put the site up for sale in March.
Rentech says it had annual expenses related to the site of $800,000.