Parmida LED Technologies announced Tuesday that it is locating it latest North American distribution and e-commerce operations center in Indianola, creating 20 jobs. The project represents a $1 million corporate investment. Parmida’s operations will serve the East Coast and central United States markets.
Parmida LED Technologies Vice President Peyman Mahrou in a release called the Delta “a land steeped in history and rich in passionate, intelligent and dependable people, many of whom I now consider great friends.”
He credited Delta Strong, the city of Indianola, Sunflower County, the Mississippi Development Authority and Gov. Phil Bryant for showing “a great commitment to supporting businesses that choose Mississippi. We will repay them for their efforts by focusing on growth and building opportunities in the Delta.”
The MDA is providing $400,000 in a Community Development Block Grant for renovations and infrastructure, as well as a $1.5 million loan to Sunflower County for purchase of an existing building.
Local property tax exemptions on equipment and finished goods have a total estimated value of $548,061 over 10 years.
Sunflower qualified as a GAP county. To be designated as a GAP county, a county must have an unemployment rate that is 200 percent of the state’s annual unemployment rate or must have 30 percent or more of its population below the federal poverty rate.
GAP program’s estimated value is $500,000 over 10 years, and sales tax savings estimated value over 10 years is $5,600.
In other words, the company could receive tax exemptions with an estimated value of $1,053,661 over 10 years.