Supervisors elect to receive loan for Olin expansion
by Associated Press
Published: January 20,2011
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- Keeping our eye on... Liz Lancaster
- GOP Sen. Thad Cochran to run for seventh term
- IKE TROTTER: There are primary changes in Social Security for 2014
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- C Spire launches next phase of 1-gig service rollout
- Alcorn's finances being investigated; CFO resigns
- Hood issues opinion on open-carry gun law
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- Court to hear case involving alligators and ExxonMobil