The Taylor Group's $720,582.75 purchase of a city-owned warehouse in the industrial park was approved by the Philadelphia Mayor and Board of Aldermen last week.
The city constructed the building in 2011 for Taylor to lease. The project was funded with a CAP loan through the Mississippi Development Authority, which will be paid off with the purchase.
Taylor had previously leased part of the old city-owned U. S. Motors building for storage purposes.
The agreement between Taylor and the city was that Taylor would lease the warehouse with an option to buy unless a new tenant was found who could create jobs, at which point Taylor would have to find a new storage building, aldermen said at the time.
Last month, Taylor purchased a county-owned speculative building in the industrial park where it manufactures lift trucks and employs 30 people.
The Taylor Group also occupies a third building in the industrial park, Sudden Service Inc.
Sudden Services employs 55 people at the industrial park location. The facility manufactures 99 percent of service components. The machine shop services include engine transmission rebuilding, complete fabrication, machining, boring, grinding, straightening, honing and welding.
Mayor James A. Young said Taylor's purchase of the two facilities sends a strong message.
"I think the best message this sends is that they are strong and that they are growing," Young said.
"We are just happy to be another partner with them as we try and create jobs for this area. This is a great asset for our community."
Robert Taylor, vice president of operations, said the company looks forward to growing in the future in Neshoba County.