A bond package financing a new Oktibbeha County industrial park could now move forward in April, Golden Triangle Development LINK Chief Operating Officer Joey Deason said Saturday.
His comments come ahead of government meetings Monday and Tuesday in which Starkville aldermen and Oktibbeha County supervisors are expected to launch an economic development district in lieu of financing for the new industrial park.
Deason previously forecast the combined $10 million bond sale in May.
The LINK is asking aldermen and supervisors to create the Oktibbeha County Economic Development District in order to manage the proposed 326-acre Innovation District.
Its nine-person board of trustees, to be comprised of Oktibbeha County Economic Development Authority members, will be tasked with management of the park’s properties, Deason said, including processes to deed land to new tenants in the future.
Since the park, located near the intersection of state highways 25 and 182, falls within city limits, Starkville will be responsible for the maintenance of its infrastructure.
“Economic development districts will give us a seamless management transition for the future,” Deason said.
OCEDA, the local chief economic development management group, has provided property-controlling and -management functions in the past for parcels within the Thad Cochran Research, Technology and Economic Development Park and Cornerstone Park.
The Innovation District is expected to finally make Oktibbeha County a viable competitor in the world of industrial recruiting.
The LINK previously identified the 326 acres of rolling hills and open farm land for the advanced manufacturing site. Officials predicted it will provide about 1 million square feet of business space.
About 1,300 or more jobs and hundreds of millions of dollars in tax revenues could follow depending on the LINK’s success with attracting investments.
Both the city and county boards issued bond intent notices — $5 million will come from each entity — to fund infrastructure improvements within the park.
Starkville is expected to spread its debt service — estimated last year at about $400,000 annually — across 20 years, and a 2-mill property tax increase is expected to follow.
A similar financing package is expected from the county.
The bonds will specifically install water, sewer, electrical, transportation and other infrastructure improvements, but the LINK’s plan could be expanded by grant funding.
Last month, Deason said his organization will apply for the Tennessee Valley Authority’s $500,000 investment preparation grant, which requires some matching funding.
If the county receives the award, the LINK could increase a planned two-lane road to four lanes and add additional landscaping options.
Aldermen previously rezoned the area’s parcels to M-1’s industrial designation, which allows for a range of light manufacturing options.
Covenants, conditions and restrictions (CCR) agreements are also in development to help the LINK control the Innovation District’s growth, while also ensuring all tenants and the organization itself remain good stewards of property and respectful neighbors of homeowners in the area.
Carl Smith covers Starkville and Oktibbeha County for The Dispatch. Follow him on Twitter @StarkDispatch
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