TUPELO – Construction of a $5.4 million business-incubator expansion could start by mid-February after county officials Monday picked a project contractor.

The Lee County Board of Supervisors selected CIG Contractors of Corinth in a competitive bid process. The company will build a three-story, eco-friendly facility adjacent to the existing Renasant Center for IDEAs, a regional business incubator that opened its doors in 2006.

It’s located at Main and Elizabeth streets in downtown’s Fairpark District.

Together, the two buildings will provide nearly 55,500 square feet of space to help fledgling companies launch their ventures. It also will provide office space for the Community Development Foundation, one of the business incubator’s partners.

CDF will move its staff into the Phase II building upon completion, and according to a press release, it will consider all options for its current building at 300 W. Main St. at a later date.

“The addition of the Renasant Center for IDEAs Phase II project will both foster new business growth and will enable CDF to further expand its programs and services for new and existing businesses in our community,” CDF Chairman Chris Rogers said in a press release.

So far, more than 16 new businesses, three business-service providers and three community-based small business advocacy groups have used the business incubator since it opened. In all, 298 jobs were created.

CDF President and CEO David Rumbarger told the Daily Journal on Monday the expansion likely will bring an additional 200 jobs.

In the short run, the expansion will employ 175-225 people involved in its construction. In the long run, it will create an estimated 179 new jobs from the businesses currently interested in a slot at the center, according to Rumbarger.

CDF and Lee County will provide $2.7 million for the project. The other $2.7 million comes from a grant by the U.S. Department of Commerce, Economic Development Administration.

McCarty Company Design Group of Tupelo designed the new building, which will be downtown’s first LEED-certified structure. LEED stands for Leadership in Energy and Environmental Design.

“It will be a sustainable and energy-efficient building,” said Richard McCarty, president of the group.

The entire project is slated to last 16 months, and CDF officials say its completion will coincide with a “more robust economic climate.”

Lee County Supervisors President Tommie Lee Ivy agreed: “The Lee County Board of Supervisors welcomes this opportunity to invest in jobs for the people of Lee County through the building of Phase II of the small-business incubator.”

Contact Emily Le Coz at (662) 678-1588 or emily.lecoz@djournal.com.