Aug 19, 2024 - Tupelo, MS
by: Caleb McCluskey, Daily Journal
Lee County officials continued the process of bringing Swiss-manufacturer Liebherr into it’s the economic fold this week with the final approval of tax incentives meant to make the construction of the facility more desirable.
Following an almost half-hour closed executive session, the Lee County Board of Supervisors on Monday voted unanimously to authorize the Tax Increment Finance agreement between the county and Liebherr Logistics USA, Co. and to adopt and implement the TIF plan and to authorize the use of about $350,000 in American Rescue Act Funds for sewer improvements to the HIVE industrial park.
This followed a public hearing in which no audience members raised concerns about the incentive plan. The board also had no further questions in the public forum. Sue Fairbank, of Butler Snow, led in the plan’s creation. She noted Monday that the plan won't take effect until the company actually moves into the county and generates revenue.
The vote to finalize the TIF plan comes after months of deliberation and the announcement that the international construction manufacturer would invest $176 million and create at least 180 jobs in the county by building a 1-million-square-foot distribution and manufacturing operation at the industrial park. After the initial investment, the company said, their investment could rise to nearly $240 million and 342 new jobs in the future.
This TIF plan is part of the county’s incentive package for the company that will give up to $5.5 million in investment paid through Ad Valorem taxes generated by the project. The government, at all levels, uses these incentive plans to reward economic development.
County Administrator Ronnie Bell said the county had just under $350,000 in sewer improvements at the HIVE it wants to do in anticipation of the company building. He noted the engineering was complete, and the board authorized advertising for the bid. Once the bid process is complete, the construction can begin.
The board also voted unanimously to rename the HIVE Access Road Liebherr Drive on the official road registry.
The Liebherr Group is one of the largest manufacturers of construction equipment in the world. The family-run technology company comprises more than 150 companies in over 50 countries, and it currently employs more than 53,000 employees worldwide and over 1,600 in the U.S.
Liebherr-Logistics GmbH, which will oversee the operations, provides logistics services for earth-moving machinery, components, concrete technology, tower cranes and maritime cranes. The new logistics distribution center for spare parts will serve its customers in South and North America.
The company said it intends to establish a campus on the site, where various business units from different product segments of the company will operate in the future.
