Tippah County Supervisors and the City of Ripley recently transferred ownership of public owned buildings to CECA and ThyssenKrupp after the companies paid the loans in full.
CECA, LLC had entered into lease-purchase agreements with the City of Ripley for a building on Bails Road and with Tippah County for a factory in the Tippah County Industrial Park. Under the terms of those agreements, Ripley and Tippah County borrowed money from the Mississippi Development Authority. The loans were then paid through CECA’s rental payments. However, CECA requested to pay out the leases and exercise its option to purchase the properties.
“We are pleased that CECA was ready take ownership of these properties,” said Board of Supervisors President Jimmy Gunn. “By paying off the leases early, the city and county no longer have the loans and CECA will begin paying property tax.”
ThyssenKrupp Elevator Manufacturing in Walnut also took ownership under a similar arrangement. In 1980, Dover Elevator entered into a long term lease of the building located on Mitchell Street in Walnut. Tippah County borrowed the money to purchase the building through bonds that were paid by Dover Elevator. After the lease payments were completed, ThyssenKrupp, that acquired Dover Elevator, continued to lease the building. Late last year, Tippah County notified ThyssenKrupp that they must either complete their purchase of the building or return it to the county. In March, ThyssenKrupp completed its purchase of the building and will begin paying property taxes on the structure.
“These lease-purchase agreements are examples of how the city and county can work with private industry to invest in local jobs.” said Matthew Harrison, Director of the Tippah County Development Foundation.