Chromcraft Revington, county agree to swap land
April 4, 2013-- Furniture Today,
SENATOBIA, Miss. — Chromcraft Revington and Tate County, Mississippi have agreed to exchange property owned at the site of a plant used by the company here.
The county owns about 59.86 acres at One Quality Lane in Senatobia, where Chromcraft leases the plant, according to a Securities and Exchange Commission filing.
Chromcraft owns about 50.2 acres to the east of that site that includes mostly unimproved property and a lake.
Chromcraft's original plant here was built 51 years ago on industrial development property owned by Tate County, according to Ron Butler, president. He said additional factory capacity was added in the 1990s, but the company never had title to the property.
With the agreement, Chromcraft and Tate County will swap their respective properties and release themselves from obligations to the sites. The SEC filing said Chromcraft will hire 100 new employees over a five-year period as part of the transaction.
Butler said the company has the first right of refusal to develop its formerly owned site in the future.
As part of the deal, the county would increase real estate taxes on the plant property by $60,000 annually for the next 10 years. The deal has a 30-day due diligence period starting from March 28.
The plant produces dining furniture and all of Chromcraft's contract commercial furnishings other than those made in Compton, Calif., Butler said.