The Golden Triangle Development LINK is excited to announce that Rural King, a prominent agriculture and home retailer, plans to expand its operations to Columbus, Mississippi. The proposed project, pending approval from the Lowndes County Board of Supervisors on Monday, October 7, would see Rural King occupy the former Kmart building, which has been vacant since its closure in November 2018.
Rural King’s investment of $8 million will transform the 110,000 square-foot building, utilizing 90,000 square feet for its store and renovating the remaining 20,000 square feet for another retailer, yet to be named. This development is expected to create 60 to 70 full and part-time jobs, contributing an annual payroll of $1 million to the local economy. Full-time employees will benefit from competitive pay and benefits, including health, dental, and vision insurance, profit sharing, 401(k) matching, and paid time off.
Construction and renovations are set to begin in 2025, with the store opening slated for 2026.
"We are pleased about the potential of bringing Rural King to Columbus," said Joe Max Higgins, CEO of the Golden Triangle Development LINK. "This project would not only bring valuable jobs to the area but also repurpose a long-vacant property."
While the Golden Triangle Development LINK is not contracted to recruit retail businesses for any of the three counties it represents, the LINK does provide technical services, demographic information and help structuring incentives. Rural King has requested financial support from the City and County in the form of tax incentives, including:
100% reimbursement of the city’s allotment of sales tax generated by the retailer for years one through five.
50% reimbursement of the city’s allotment of sales tax generated by the retailer for years six through 10.
Abatement of 50% of new city and county ad valorem property tax for years one through 10 that would come from an increase in property value. This excludes all school taxes and the current city and county ad valorem taxes.
The tax incentives are capped at $2 million or 10 years. This collaborative effort aims to ensure the project’s success and continued economic development in the region.