County Accepts 1.4 Million Dollar Donation From Carothers
By David Howell
WATER VALLEY – A longtime Yalobusha company is a step closer to moving to its new facility in neighboring Lafayette County after county supervisors officially voted to accept the company’s property as a donation in a recessed meeting held last Thursday.
In what has been described as a bittersweet deal, Carothers Construction agreed to donate three buildings and six acres valued at over $1.4 million to Yalobusha County. The company is constructing a new headquarters near Taylor and is expected to move in the coming year.
Company owner Sean Carothers told the Herald in September that construction had already started in their new location in southern Lafayette County. Sean Carothers is the third generation family member involved with the company, serving as president from 1981 to 2007, and following his father, Arnold Wayne Carothers, and grandfather, Earl Carothers, who started the business in 1956.
Longtime company insider, Ben Logan currently serves as president of the company which has operations throughout the continental United States.
The actual exchange comes in two parts, an outright donation of two acres and three buildings, followed by the purchase of 4.4 acres adjacent to the building for the appraised value of $88,600.
The purchase price paid by the county, will actually be repaid by Carothers in a lease agreement in which the company agrees to pay $11,075 per month for eight months to use the facility while construction is completed at their new facility near Taylor.
“This is has been talked about for I don’t know how long,” Crow said as he explained the procedure.
In a three-step process, Supervisors voted unanimously to accept the donation, purchase the 4.4 acres and execute the eight-month lease. The closing is scheduled Dec. 31.
As part of the lease, Crows told supervisors that Carothers will keep the building insured.
“When will that come off of the tax rolls?” ‘District Five Supervisor Bubba Tillman asked.
“They will have to pay the taxes for 2008, it will come off in 2009,” Crow answered.