Reeves calls special session for $1.9 billion project on Thursday. See what it is

Mississippi Lawmakers will meet Thursday morning for a special session to potentially finalize $350 million in financial incentives for a $1.9 billion project in Marshall County.

During a press conference at the Walter Sillers Building on Tuesday, Gov. Tate Reeves called for the session and said the project represents the second-largest corporate capital investment in state history. The United States-based company plans to build a 500-acre electric battery cell manufacturing plant for the automotive and industrial sector in the Chickasaw Trails Industrial Park.

The project is expected to create 2,000 jobs with an average annual salary of $60,000 each, making it the state’s largest annual payroll commitment of any company.

“Mississippi has momentum, and today’s historic announcement is further proof of that,” Reeves said. “… Ultimately, what this (project) really means is more quality jobs for Mississippians. That will always be worth celebrating.”

Reeves told the Clarion Ledger he initially planned to announce the special session in October 2023, but all parties involved were not yet ready to finalize the deal. The added session will expedite the legislative process and push Reeves' agenda item to the front of the 2024 legislative session, Reeves said.

The $350 million in incentives will come from both an appropriations bill totaling about $117 million, and the remainder will come from state grants. That money will help pay for infrastructure work still needed at the site, Reeves said.

House Speaker Jason White and Lt. Gov. Delbert Hosemann both said they support the bill Reeves has put to the Senate and House, and they expect it to quickly pass through the Legislature on Thursday morning.

“I anticipate this will go through the Senate quite rapidly when we meet with our senators today and tomorrow,” Hosemann said. “I don't see any barriers at all to meeting the governor's request and that we do it very quickly here in the Legislature.”

The company, which will be named after Thursday’s session, could also attract related companies, customers and suppliers to locate near the battery plant, Reeves said.

“While the company is guaranteeing 2,000 jobs within a certain timeframe, I'm very confident that because of this industry, because of the quality of the companies involved, you're going to see a tremendous amount spin off economic development, of which we have already put the infrastructure needed for that additional investment in the park,” Reeves said.

During the press conference, Reeves addressed the ongoing statewide emergency with snow, ice and freezing rain covering swaths of the state Monday and Tuesday.

“We know that the temperature is not going to get above freezing at all today, and probably will not get above freezing until sometime midafternoon tomorrow, so again, just a word of caution to everyone across the state to be very careful,” Reeves said.

On Sunday, Reeves declared a state of emergency due to freezing temperatures, a mix of snow and freezing rainfall making its way through the state early this week.

Grant McLaughlin covers state government for the Clarion Ledger. He can be reached at gmclaughlin@gannett.com or 972-571-2335.

This article originally appeared on Mississippi Clarion Ledger: Reeves calls special session for $1.9 billion battery plant project