The Pontotoc-Union-Lee Alliance board approved the additional purchase of 20-plus acres of property for a potential Tier One Toyota supplier during its meeting Wednesday morning.
According to Three Rivers Planning and Development District Director Randy Kelley, this acreage will be property that the not-as-yet-named supplier will option for future development.
Right now, you own 40 acres of land that this supplier plans to locate on and build its Phase one plant, Kelley told the board. But, we are requesting that you purchase this additional property because this industry would like to option it for purchase to build its Phase II and possibly Phase III in the future.
Kelley put a request of up to $125,000 of local dollars to match funds from the Mississippi Development Authority for the property purchase.
The supplier has agreed to take out a five-year option on the additional property, to be purchased in two blocks of 10 acres, Kelley continued. If they do not buy the property within the five years, they will then have to pay six percent of the purchasing price per year on the property. Thats about $2,000 an acre, which would mean that they would just about be buying the property anyway.
Kelley said that the company would pay the PUL Alliance up front for the first 40 acres of property, which includes four acres for an electrical substation.
Kelley told the board that he felt if it did not agree to purchase this additional property, it could potentially be a deal-breaker.
Tupelos Community Development Foundation Director David Rumbarger assured the board that this site was the original site looked at by this potential supplier and that the supplier had no plans to locate outside of Pontotoc, Union or Lee Counties.
The board also approved the advertisement to bid for 13 future projects, including the construction of bridges, railroad, natural gas metering and gate stations, pipelines, pressure sewer, water transmission and sewer lift station and pump station improvements.
We are trying to get a bulk of these projects approved at the same time so that we wouldnt have to schedule several meetings for their approval as they came up individually, said the State of Mississippis Project Engineer Chad Wages.
The board also approved a regular monthly meeting schedule to be on the 10th day of each month, or the closest available date to it, should it fall on a weekend or holiday, or should other conflicts arise.
The board also approved a motion to see designs on lettering for the prospective water tank located near the site during its next board meeting. The board, after several minutes of discussion approved the sign PUL Alliance and Wellspring with an American flag.