UPDATE: The bill has been passed in the House and the Senate. It’s a billion dollar project coming to Hinds County and it is expected to bring 2,500 jobs with it.
10:30- Senators meet for Finance Comittee meeting to discuss the incentive packages.
Glenn McCollough Executive director of the Mississippi Development Authority speaks to Senate members.
More information on the breakdown between what the state will agree to and what the company will provide:
CONTINENTAL TIRE:
The company will provide $1.45 billion in private funding and create 2,500 jobs over the next five years. These jobs will be completely new and starting pay will begin at 40,000/year. The company has also agreed to use minority’s and local contractors to build the facility.
STATE INCENTIVES:
The state has agreed to a bind of $263 million or constriction of Continental Tires building. They will provide a 2/3 tax break for 10 years. Clinton school district is also involved by providing 635 acres of the 16th section of land, and will receive 640 in return. Hinds county will also provide 280 acres. The government was not put in a position to forcefully take land for the development.
TOPSHIP (Project Crawfish)-
The Gulfport development company will offer $68 million in a private investment with over 1,000 jobs created in the next five years. These jobs will also begin at a $40,000/year salary.
STATE INCENTIVES:
The state has agreed to a $11 million bond and for the company to have the opportunity to get a facility for use.
10:00- The House has passed the Duel-Project incentive project 118-3. It now makes its way to committee and then the Senate floor for continued approval or amendment.
UPDATE 9:30- The multi million dollar bill has been approved by the House Committee. It now faces, oribabakt its biggest obstacle, heading to the House Floor. If approved there it will finally make its way to the Senate. The Senate is still in recess.
Sitting at the top of the list of one of the largest projects of its kind in North America Continental Tire and Topship LLC are planning to come to the Magnolia State. The two projects combined would be the largest economic development in the state’s history. In all 3,500 jobs would be created and a private investment of more than $1.5 billion dollars.
Gov. Phil Bryant called for a special session in legislature on Wednesday to happen on Thursday at 8 a.m. to look over the requested incentives for the projects.
No one is saying too much on the topic yet but Continental Tire will be calling Hinds County it’s home if the incentives are approved. They should total close to $275 million for both projects. Topship LLC would expanding to the coast in the next few days.
Gov. Bryant seems confident that this investment would lead to a greater return. In his State of the State address he said that the investments to incentiveze industry have given back so much to the state. The return-on-investment has been $11 to $1 for spending.
Don’t be confused, the projects are not related but legislature will handle incentive packages jointly.
