Advanced Munitions on track to build $553 million facility in Alcoa
Apr 1, 2017
Advanced Munitions International is still on track to break ground in Blount County this fall, according to Blount Partnership expectations, though “certain assets” of its Arizona-based sister company were acquired by another ammunition manufacturer in March.
The Payson Roundup reported that Ammo Inc., a manufacturer of branded munition products for the military, law enforcement and sporting industries, took over production at the Advanced Tactical Armament Concepts (ATAC) Payson facility last month.
While Payson residents have begun to speculate whether AMI Investment Holdings will continue its endeavor to build a global headquarters and startup munitions facility in Alcoa, Jeff Muir, communications director for the Blount Partnership, said the company is still on track to begin the $553 million expansion that would eventually employ more than 600 people.
“Jim Antich (AMI founder and executive chairman) has expressed all along that this is where he wants to be,” Muir told The Daily Times on Friday. “From where we stand, they do have until October to break ground.”
According to Muir, AMI’s projected headquarters in Partnership Park North and the Payson facility have nothing to do with one another.
“It’s two separate projects — one in Arizona and one in Tennessee,” he said. “ATAC is a totally different company.”
Although AMI does have until October to break ground in Alcoa, Muir said financial disruptions recently caused Blount Partnership to repossess the property until the situation stabilizes.
“We asked them to deed the property back to us,” Muir explained. “When they show us that they’re stable and financially sound enough to do the project, we will deed the property back to them.”
The transfer was completed last week.
When the time comes to transfer the property back to AMI, Muir said Blount Partnership will be fully reimbursed for any related asset or lawyer costs.
In the meantime, no funds have or will be spent on developing the property’s infrastructure.
“We’re waiting for them to begin movement on the project before we start building roads or making any capital improvements out there,” Muir said. “They do have the right, until October, to get the project moving.”
In the event that the company does decide to scrap plans for the plant, Muir added, “We do have clauses and remedies written in the contract that protects the community in case the project does not begin in October, and we will pursue those remedies as stated.”
From speaking with the company, however, Muir said it appears the company will follow through with its intent to break ground on the 235-acre site by the middle of October.
“That’s where they’re heading,” he said. “We haven’t received any indication that they’re not coming.”
The multiphase project was projected to be finished by the end of next year.
www.thedailytimes.com/news/advanced-munitions-on-track-to-build-million-facility-in-alcoa/article_f6037d4e-e352-5174-a722-5d6a873e3c58.html
