FORREST COUNTY, Miss. (WDAM) - Plans to build a new apartment complex in Petal received a green light from the Forrest County Board of Supervisors Monday.
The Board approved a new multi-million dollar project to boost economic development. Members of the Board said they are proud to stand behind the new development.
The empty lot off Byrd Parkway will soon be home to a $15 million apartment complex.
“The Board has just approved the tax increment financing for York Developments to construct an approximate 135 unit, $15 million, multi-family, upscale project,” said Board President David Hogan.
Hogan said the Board has been discussing the project for the past year.
The apartment complex will be built behind Walmart on Byrd Parkway. The Board said they support the development and they are proud to support the project for the city of Petal.
“It’s just a plus,” said District 3 Supervisors Burkett Ross. “We’ve never had anything like that in the city of Petal, certainly of this magnitude or upscale apartment complexes.”
York Developments based out of Hattiesburg will be responsible for all infrastructure such as road work, lighting and sewage.
Hogan said this all comes at no cost to taxpayers.
“It’s coming from York Developments,” Hogan said. “He’s responsible for getting the funding for the project and making the project happen. And then the tax difference from what the taxes are currently and what they will be when the project is complete can go toward paying the developer back for those infrastructure costs.”
Hogan said there is currently no timetable for the completion of the apartment complex.