LPS’ corporate headquarters at the corner of Franklin and Pearl streets is valued at about $4.3 million, according to a report presented Tuesday to the Natchez Board of Aldermen.
Exempting LPS from local property taxes is among the various financial inducements state and local governments pledged in 2020 to get the company to locate its corporate headquarters in Natchez.
With its 45,000-square-foot downtown office in the former Regions bank building, LPS now employs about 220 people and could add another 50, according to Chandler Russ, executive director of Natchez Inc., the city and county’s chief business recruiter.
“They’re growing by leaps and bounds. We’re dedicated to seeing them grow and expand,” Russ told Natchez Mayor Dan Gibson and aldermen as they approved the 10-year property tax exemption.
The Adams County Board of Supervisors has also agreed to exempt LPS from county property taxes, according to Russ.
The revenues plowed into the local economy by LPS – with a payroll of about $7 million – offset the funds local governments are losing by exempting the company from property taxes, Gibson said.
LPS, which has Natchez roots and offices in Michigan, is an information-technology company that helps banks and other lenders find and repossess automobiles from delinquent-paying borrowers throughout the country.
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