Idled plant site could see new tenant
LAUDERDALE COUNTY — Lauderdale County officials hope there is some good news for a plant site that had great promise a few years ago but died.
In 2006, Shuqualak Lumber Company announced it would be building a new processed wood product manufacturing plant called Loblolly Industries at the Sonny Montgomery Industrial Park. Loblolly never built the plant, leaving the county on the hook for the millions it had spent on the site.
This week, Lauderdale County supervisors voted 3-2 to accept a letter of intent from a company interested in locating in the abandoned Loblolly site, which is owned by the county.
Officials said the company, Maridale, LLC, would have six months to do its homework and decide if it want to locate here. If so, it would have 18 months to exercise a lease that would run for 30 years.
The rest of the details are secret — under a confidentiality contract signed with the county.
That agreement also means other details — such as how many jobs Maridale would provide — are confidential.
According the letter of intent, the company plans to purchase a one-year option on the property for $30,000.
The county took out a $10 million bond to make improvements to the site in 2006. If another company leases the property, it would help the county pay the debt service on the bond. Until now, the county has been paying the debt service using left over money from the bond.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- Judge intends to rule on McDaniel's challenge before general election
- Oxford’s FNC getting new headquarters
- QUIRKY? NO, JERKY — Whatever your craving, Beef Jerky Outlets likely has the flavor among 200+ choices
- (UPDATE) I-20 partially closed as vehicle carrying hazardous materials burns
- Coast family wins $644K in tideland lawsuit against state
- Officials set hunting dates for birds; expands dove season by 20 days
- Corps official: River needs larger ports, locks and dams
- C Spire, UM installing Wi-Fi network at Vaught-Hemingway Stadium
- Community Bank, Pinnacle Trust ink new agreement