Tax Increment Funding amendment made for Midtown infrastructure
HATTIESBURG, Miss. (WDAM) - The City of Hattiesburg will amend a multi-million dollar agreement leading to infrastructure improvements in the midtown area.
The Hattiesburg City Council voted on Tuesday, Sept. 20, to approve an amendment to a tax increment funding agreement.
Commonly referred to as ‘TIF,’ it adds another $2.85 million for infrastructure improvements in the Midtown area.
“What it allows us to do is to take the property value of the property taxes now versus what it’ll be at a certain time and take the increase and pledge that to reimburse the company for the infrastructure they have to put in both within the grounds and also infrastructure the public will use,” said Hattiesburg Mayor Toby Barker.
The revamped TIF, known as Midtown Montevista September 2022, stems from the recent start of construction for Jones Capital headquarters.
The money will be reimbursed to the company and used to create infrastructure around the new building that the public will be able to use.
“The public is going to have access to more infrastructure around the site that will help folks,” Barker said. “For example, at Forrest General, Hattiesburg Clinic access the amenities at the district at Midtown.”
So, what improvements can be expected?
“We know that this is one of the next dominoes to fall in this overlay district, and so having the infrastructure put in - the drainage, the underground power, the sidewalks, the lighting - all of those benefit the neighborhood as well as benefit the company who’s putting in the large capital investment,” Barker said.
This is the fourth time this particular TIF has been amended.
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