IUKA – Thursday’s auction sale of TVA property at Yellow Creek Industrial Park is expected to results in 50 jobs for Tishomingo County within the next three years.
The auction and contract signing included an announcement that Dennen Steel Corp. of Grand Rapids, Mich., will build a 50,000-square-foot manufacturing facility on the property at an estimated cost of $7 million, which eventually will employ 50 people.
“We visited sites in Tennessee, Alabama and Mississippi, looking at existing facilities and raw land,” said Chief Executive Officer Andrew Dennen. “As soon as we turned off Highway 25 at Yellow Creek, we were really impressed with the concentrated presence of steel industry and the three modes of transportation – water, rail and truck – available to us.”
The economic development collaboration that brought this project to fruition was evident with the presence of county and regional economic development groups.
TVA accepted the bid of Tishomingo County, the sole bidder, to buy about 13.6 acres of property at a price of $180,060, the minimum bid TVA would accept.
Conditions of the sale of the commercial property included minimum investment and job creation requirements.
“We’re tickled to death,” said Board of Supervisors President James McDowell. “This is good for Tishomingo County and for Mississippi. Thirty percent of their business is in the automotive industry, a Tier 2 supplier, so this is a big shot in the arm for Northeast Mississippi.”
A lot of hard work by a number of different agencies brought the project together, said 1st District Supervisor Brandon Grissom.
“We owe a special thanks to Yellow Creek, too,” said District 2 Supervisor Nicky McRae, whose district is the site of the Yellow Creek Port.
Dennen Steel is unique in the industry, integrating direct steel mill production of coil and manufacturing stamped steel parts.
Work at the site is expected to be completed by the second quarter of 2011, Dennen said.
“We like the location and have received a lot of local support,” Dennen said.
Contact Lena Mitchell at (662) 287-9822 or firstname.lastname@example.org.
Lena Mitchell/NEMS Daily Journal