Company doesn’t use $1.1M in economic development incentives
by Associated Press
Published: February 19,2013
Tags: construction, economic development, employee, employer, energy, grant, incentive, industrial real estate, job, loan, manufacture, manufacturing, Oil, plant, work, worker
NATCHEZ — Economic development authorities were able to secure $1.1 million in grants and rail loans as part of a package to entice Genesis Energy to locate its new loading and unloading terminal in Natchez last year, but in the end that money wasn’t needed.
Genesis opened its terminal in the port earlier this year.
The Genesis terminal is located at the former Tessenderlo-Davison Chemical location, which Genesis already owned. To be able to move the oil products through the port, the property needed upgrades, and the county secured a $400,000 community development block grant and a $700,000 rail loan from the Mississippi Development Authority to finance the needed construction.
When it came time for Genesis to start work at the site, The Natchez Democrat reports the funds weren’t utilized.
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