LAWRENCE CO. – Thursday morning members of the Lawrence County Redevelopment Commission approved the next steps toward constructing a $5.2 million shell building in Mitchell’s Industrial Park to bring business to Lawrence County.
The 50,400-square-foot building could be expanded to 200,000 square feet to accommodate the growth of a future tenant and will be built on a 14-acre plot provided by the City of Mitchell.
It is being developed in partnership with GM Development Companies, based in the Henry County town of Springport. Shelbyville-based Runnebohm Construction is overseeing construction.
Construction is slated to begin this fall and be complete by the summer of 2024.
The shell building is being financed with proceeds from the RDC’s Tax Increment Finance district. The commission approved a resolution to authorize the issuing of bonds for the project. The resolution will now be presented to the county commissioners for their approval.
Once the building is completed it will be sold for $6.2 million.
“We need to have our costs covered before we even leave the room,” said commission member Wally Branham. “We want to be competitive and we can always change the price.”
