VIDALIA — Vidalia Mayor Buz Craft is set to sign today the purchase agreement and deed for Project Blue, an economic development initiative that promises to bring 300 jobs to the area.

Craft said today’s signing would begin the closing process that will be done in two parts because of the size of the project.

“Because of the number of lenders involved, we will have a two-part closing,” Craft said.

The manufacturing company, for which the town signed a confidentiality agreement to keep its name secret, will be with the mayor today to sign the documents.

Craft said the second phase of the closing is set to happen approximately two-weeks later.

“That is when all of the lenders will be together to sign the settlement documents and the funds will be disbursed,” Craft said.

Natchez Inc.’s Heather Malone, who has been working on the project with Louisiana Economic Development, Gov. John Bel Edwards and other officials, said local officials expect to issue a news release once the deed is filed in the courthouse and everything is finalized with lenders.

“We appreciate everyone’s patience,” Malone said. “We are excited and ready to announce the project, but we are at the mercy of our other partners.”

Malone said after the announcement, she expects the governor and other state officials along with company officials to host an official ceremony at a later date to fit everyone’s schedule.

The project was first announced in March 2017 but has been delayed several times.

The company purchased the former Fruit of the Loom manufacturing plant at a price of $12 million, $4 million of which will be paid after the paperwork is finalized and recorded.

The company also owes more than $450,000 to the city in back lease payments which will be due when the leasing documents are finalized.

Once the deal is signed and recorded, Craft said the company could move into the Fruit of the Loom facility and begin construction work to make the building fit the company’s needs.

When the company will begin hiring or begin production is unclear.