Lowndes County now can borrow money from the Rural Development Association for a longer term, to install infrastructure in the Golden Triangle Regional Global Aerospace Industrial Park, west of the Golden Triangle Regional Airport.
The Mississippi Legislature passed a bill allowing the county to borrow from the Rural Development Association for a maximum of 30 years, with no penalty for prepayment of the loan.
The $17 million project, which will install water and sewer infrastructure for the aerospace park, will be funded with a $8.5 million grant at no cost to the county and an $8.5 million RDA loan.
The RDA can lend money for up to 30 years, but previously the county was restricted from borrowing money for a term of more than 20 years.
“This is not something that”s unique,” Board President and District 1 Supervisor Harry Sanders said of the local and private legislation. “Other counties have done this before, too; it”s somewhat routine in the Legislature. But I think they”re saving the county a lot of money.”
The new loan terms will save Lowndes County about $200,000 a year in note payments, Sanders noted, adding the county likely will pay the loan off before the 30-year period.
In 2009, the Lowndes County Industrial Park was renamed the Golden Triangle Regional Aerospace Industrial Park to capitalize on aerospace businesses that already have landed in the 3,500 acres adjoining GTRA.
The Columbus-Lowndes Development Link, Lowndes County, Starkville and Oktibbeha County officials” and other regional partners” efforts to establish the aerospace park was named one of the six 2010 Innovation South award winners in 2009; the park is expected to provide regional benefits.
The Link plans to use the site”s existing resources — access to GTRA, railways, highways and the Tombigbee River — to attract more companies in the expanding aerospace industry. American Eurocopter, Stark Aerospace and Aurora Flight Sciences already occupy some of the state”s publicly owned acres and employ more than 600 workers.
The site also boasts more than just aerospace-related industries; it also houses a Paccar Inc. engine plant and a Severstal steel mill.
You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 33 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.
You can help your community
Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 33 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.
