CORINTH – Alcorn County should soon be soliciting proposals for construction of the Kimberly-Clark access road to connect the Kendrick Road plant to U.S. 72 east.
Supervisors on Friday approved an updated memorandum of understanding with the Mississippi Development Authority to complete funding for the more than $12 million project.
The county board recently secured an $800,000 loan to meet its last financial obligations on the project.
From that loan, $720,403 will be sent to MDA as matching funds for an $11.25 million grant the agency has approved for the project. Since the plan to build the access road was first approved in 2001, the cost has risen from about $7.5 million – with the county’s initial $320,000 match paid in 2002 – to more than $12 million.
During that time the county has acquired rights to 62 properties for the 4.5-mile road. About $75,000 of the borrowed funds will be used to settle eminent domain actions on the last three properties. However, the county has quit-claim permissions on all of them so it can proceed with construction plans, said board attorney Robert Krohn.
The loan agreement with Commerce National Bank in Corinth was approved earlier this week at a rate of 3.16 percent for five years. Other bidders included Trustmark National Bank, 3.25 percent and BancorpSouth, 3.6 percent.
Once MDA officials and the Mississippi Department of Transportation state aid road construction program sign off, the county will be able to publish bid advertisements, said board President Gary Ross.
Contact Lena Mitchell at (662) 287-9822 or email@example.com.
Lena Mitchell/NEMS Daily Journal