NATCHEZ — State and local officials will gather on the site of the former International Paper for what has been billed as a “major economic announcement” this afternoon.

Along with local officials and representatives of an as-yet-unnamed company, Mississippi Development Authority Executive Director Brent Christensen will be present for the 2 p.m. announcement, Natchez Inc. Executive Director Chandler Russ said.

During the announcement — which will be at the site of the IP warehouse — the company will officially discuss how much capital investment it will make in the facility, how many jobs will be created and what the facility will produce, Russ said.

Not much has been publicly disclosed about the company except that it is a privately traded manufacturing-sector producer.

The Adams County Board of Supervisors has signed a lease for the IP warehouse with the company with the intention of ultimately selling the property and 30 acres.

“This is not an option to purchase, it is an intent to purchase,” Russ said. “We expect to close within 30 days.

“When you take that, it will be 30 acres and a building. When you take that off the books it will retire a significant portion of the debt that was incurred (by the county) on this site, and that is what is really beneficial for everybody.”

Adams County Supervisors Vice President Mike Lazarus said the company has already been spending money on the warehouse, but any final sale agreement will include a claw back provision for the county to guarantee the county can get the property back if the industry never fully materializes.

The county has also agreed to participate in a Development Infrastructure Program grant with the company and the Mississippi Development Authority as part of the industrial recruitment package with the company.

The DIP grant will refurbish approximately 7,200 feet of track on the former IP property.

The county’s 10 percent match for the $654,588 in DIP improvements will come in in-kind contributions of property and the rail infrastructure itself.