The City of Troy and the Troy Industrial Development Board have signed an agreement that will bring a new industry to Troy.

“We have received an agreement back from code name, ‘Project Fresh’ but we have a number of details in the contract to work out through our attorney,” said Troy Mayor Jimmy Lunsford. “We should have all the I’s dotted and T’s crossed in a couple of weeks and, at that time, we will make the announcement.”

Lunsford said negations have been under way with the company since late February. “We are happy with where we are now,” he said. “The Troy City Council and the ID Board have extended a written offer to the company and the offer has been accepted in principle. As soon as the final negotiations go through, the state, the company, city and ID board will reveal the name of the company.

Marsha Gaylard, president of the Economic Development Corporation said it has been a long process to get to this point in the negotiations. “It’s taken a team effort in the recruitment of this industry,” she said. “The industry will create a lot of jobs and will have a tremendous impact on the area.”

Lunsford and Leon Hilyer, ID board chairman, signed the documents offering a lease agreement to “Project Fresh” on Monday and had the necessary signatures to move ahead with the deal.

The new industry will be located in an existing building that has been vacant from a long while. “This is a large industrial building and it will be good to get an industry in it again,” Lunsford said. “We look forward to having this industry.”