Gov. Phil Bryant joined local officials on Monday to announce the move, which will retain Avectus as a local employer with its current 150 employees. Alcorn County is purchasing the building and will lease it to Avectus, which coordinates third-party liability and workers’ compensation accounts for hospitals and trauma centers throughout the country.
Avectus CEO Tim Smith said the company looked at a number of options, including a possible move out of Corinth, as it faced growing pains.
“This building here gives us the ability to solidify our commitment to keep our jobs in Mississippi,” he said. “Not only that, it gives us room to grow.”
And he’s glad to be staying.
“We all love Mississippi,” said Smith.
He praised the local workforce and credited local and state officials with bringing the project to fruition.
“I want to say a thanks to Avectus — thanks for staying here,” said Bryant. “They could have gone somewhere else, and I’m sure they were incentivized and enticed to do that.”
He said there’s not a governor in the country who would have passed on the opportunity to have those 200 jobs.
Commonly known as the Chadco building, the South Tate Street structure previously saw some renovation about 14 years ago when it was occupied by an accident reconstruction business. Alcorn County recently pursued a loan of up to $1 million to purchase it, although the actual cost was expected to be closer to half that amount. Grants totaling more than $1.3 million are involved in the project, which will include renovating the building for office space and adding a parking area.
Plans are currently being finalized for the upcoming interior renovation.
Local officials are excited that Avectus will continue to call Corinth home.
“Anytime we’re adding new jobs, it’s a great day,” said Board of Supervisors President Lowell Hinton.
Mayor Tommy Irwin praised Smith’s commitment.
“I love, having been a former employer, how he feels about not only his business, but the biggest asset we have in our businesses, which are our employees,” he said. “He means it from the heart. He’s serious about his employees.”
Annually, Avectus processes more than $1 billion in third-party liability accounts.