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Board approves multiple large business tax exemptions, including Hormel and NFI
Summary
DeSoto County supervisors approved final resolutions granting long-term property and personal property tax exemptions to several firms, including large expansions for Hormel Foods Sales, NFI (National Distribution Centers), GXO Logistics and others as part of a consent agenda item.
DeSoto County supervisors on June 19 approved a slate of business investment incentives that grant multi-year exemptions for real and personal property to several large employers and distribution centers in the county. DeSoto Economic Council Executive Director Jim Flanagan notified the Board that the agreements formalize exemptions for firms including NFI dba National Distribution Centers, Hormel Foods Sales, GXO Logistics, MG88 Memphis Distribution, Excel Inc. dba DHL Supply Chain (USA), and DMC Power Inc.
The consent-item packet listed values and exemption lengths for each project: NFI's real property was shown at $68,456,105 with personal property listed at $10,814,408.68; Hormel Foods Sales was listed with $52,758,811.91 in real property and $830,140.27 in personal property subject to a 10-year real and personal property exemption; GXO and other firms were listed with multi-year personal property exemptions. The Board approved the consent agenda containing the resolutions by unanimous vote. "Shark Ninja has been looking for additional space in Southaven and found the Venture Drive location," DeSoto Economic Council Executive Director Jim Flanagan told the Board when presenting a related MOU; the Board approved that MOU separately at the meeting.
Why it matters: the exemptions are intended to anchor and incentivize major distribution and manufacturing operations in DeSoto County and are tied to planned capital investment and jobs. The approvals were taken as part of a large consent agenda; the records included each company's listed investment figures and the statutory basis for the exemptions (cited in the packet under MS Code 27-31-101). The agreements will now be finalized with the Board President's signature and enter the county's formal records.
