The Effingham Industrial Development Authority is on the verge of signing a prospect who could change the economic landscape of the county, according to sources.
Months of negotiation are expected to be formalized Tuesday when the IDA enters into a memorandum of understanding with Project Magnolia. IDA officials have not disclosed what Project Magnolia represents but it is anticipated the prospect will set up shop at the IDA’s I-16 northern tract.
IDA officials, by custom, are reluctant to discuss potential prospects, but without disclosing the identity of Project Magnolia, it could be the biggest business venture to come into the county.
“It is a project we have been working on for several months,” IDA Chairman Dennis Webb said.
With confidentiality concerns in place, IDA officials would not confirm that the project is a movie studio.
The northern tract of the IDA’s I-16 holding encompasses nearly 1,500 acres, and Project Magnolia could take up most of the tract.
The IDA is expected to sign a memorandum of understanding Tuesday morning at an 8 a.m. special called meeting at its office. All IDA board members are expected to be in attendance for the meeting.