The proposed statewide bond package included in the special session for Mississippi lawmakers next week totals almost $104 million. Ten million of that would be allocated to a firm named Timtek, which proposes to build an east Mississippi plant that would provide 125 jobs.
"Timtech is in fact a technology that will be used on utilizing young juvenile timber, timber that there is not a market for at the time," explained Wade Jones, president of the East Mississippi Business Development Corporation. "So that would give a company a competitive advantage in the market place for engineering wood products."
While the governor's call says for east Mississippi, Jones confirmed Meridian is the likely place.
"The company is considering this area as a location. In fact it will attract timber as far as 80 miles away that will be utilizing that facility," said Jones. "The technology itself being considered has been considered for almost 30 years. Conversation as far as east Mississippi is concerned as a potential location has been occurring for over a year now."
The attitude of the state toward investing for economic development has changed for the positive, according to Jones.
"Well, in this case there'll be ultimately local participation, participation at the state level, but understand we're in competition with other states," Jones said. "And other states offer very attractive incentive packages. Reductions on corporate income tax. Liberal ad valorem tax exemptions as we do too. Finance, assistance in finance. So we have to be competitive and I believe the legislature now recognizes that we have to offer seed money, especially to emerging companies. Emerging technologies that are taking advantage of local resources. Natural resources."
Timtech is described as a firm that is doing that, competing in new and emerging technology in the ever changing world of business.
The legislative session will also include consideration of $500,000 for Pharmapac in Dekalb, Miss.