Spec building gets tenant: Morrison Tool & Fab signs 10-year lease
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Wilson will be using the 44,000 square foot building to expand his business locally. Director of Economic Development Don Rigsby said the company has already generated a significant number of jobs.
“He’s up to 120 now,” Rigsby said, noting the business originally employed around 70. “He’s hired an additional 50 already. I was pretty excited about that.”
Rigsby said the lease plan is similar to the one the IDB had worked up for Wilson on the Findlay Building earlier in the year, a deal Wilson subsequently backed out of due to a downturn in the economy among other concerns.
Rigsby said the county will be making some improvements to the building with county funds, but noted the cost of those improvements will be added to the cost of the building should Wilson decide to purchase the facility, something Wilson says he hopes he will be able to do within the next few years if his business continues to grow.
As with the Findlay deal, Rigsby said the new agreement is dependent on Wilson providing additional jobs in the community.
“He’s already brought on 50,” Rigsby said. “He’ll add 40 additional net jobs the first year, 60 additional in year two, and then 75 additional by year five,” Rigsby added, resulting in a total of 225 additional jobs for the county.
Wilson explained his current need to expand his business as quickly as possible.
“I’ve had one of my major competitors in Tennessee that has gone out of business, which has shifted a lot of opportunities our way. We’ve been approached by other car companies, Honda and Lexus, with people asking us to increase our capacity.”
Wilson says he plans to set up the hub of his operation in the new building.
“Our corporate office will be at the new location, and our assembly operation, which requires a lot of floor space that we don’t have now,” he said.
Wilson says welding and fabrication will remain at his current location with subassemblies being transported to the new building for final assembly and shipping.
He also explained why he decided to go with the Spec Building at this point rather than the Findlay Building.
“The age of the building had a whole lot to do with it. I had some concerns there,” he said, noting the size was also a concern. “Because it was such a huge facility we were considering moving too much of our operation across the street, forcing us to somewhat obsolete the facility we were in. I just completed a 6,000 square foot expansion there and we want to utilize that expansion as much as possible.”
Wilson said cost was also a consideration, as well as the advantage of putting the Spec Building to good use.
“It’s a smaller investment, of course,” he said, “and this will help the county recoup their investment.”
Wilson said even though there has been some controversy concerning the Spec Building, it was instrumental in his decision to expand.
“Because it’s here, it’s allowing me to react quicker,” he said. “I need to be in this facility and operational within six weeks. That’s something, without the availability of the Spec Building, where I wouldn’t have been able to exercise that option.
“In the automotive industry you don’t have a lot of time, things have to happen quickly,” he said. “That’s where having the building there is an advantage.”