From: Office of the Governor Filed 4/25/07
(Jackson, Mississippi) – Governor Haley Barbour has called Mississippi lawmakers to the State Capitol for a Special Session beginning at 9 a.m. on Friday to consider a $300 million economic development project that would create hundreds of new jobs in Mississippi.
Governor Barbour said he would ask legislators to consider a $48.4 million package of state-backed bonds to help attract a project with an initial private capital investment of at least $300 million and 500 initial direct full-time jobs with salaries ranging between $36,000 and $40,000 a year. The company’s estimated annual payroll would be $18 million at a powertrain manufacturing and assembly plant on a 394 acre site in Lowndes County, with production to begin in 2010.
“This project fits perfectly with Mississippi’s successful economic development strategy of targeting growth in certain sectors, such as automotive. I hope the Special Session will be short and productive as we continue with the business of creating new, higher paying jobs for Mississippians,” Governor Barbour said.
The company, which requested that it not be publicly identified at this point, is a Fortune 200, multinational corporation headquartered in the U.S. and a technology leader in a heavy manufacturing industry. The company has been consistently profitable over the past 50 years and holds an investment-grade credit rating. The company’s brands are internationally recognized for quality and innovation in the industry.
The state portion of the project includes such on-site improvements as roads, site prep and the extension of water and wastewater services, and such off-site items as infrastructure and workforce training. A local incentive package offered through the Lowndes County Board of Supervisors includes such items as purchasing land and a long-term land use agreement.