Petal alderman adopt new tax incentive to attract businesses

Petal offering incentives to attract business
Published: Dec. 6, 2022 at 11:25 PM CST|Updated: Dec. 6, 2022 at 11:26 PM CST
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PETAL, Miss. (WDAM) - A new incentive may bring more business to The Friendly City.

At Tuesday’s Board of Aldermen meeting, Petal aldermen adopted an ordinance that would grant tax breaks to new and existing Petal businesses.

“The purpose is to have an abatement, " said Alderman Blake Nobles. “That way we can try and help redevelop our downtown area.

“There’s a lot of room that we could improve on, current businesses that could use some help, and certainly empty land spots that could use some new businesses coming in.”

Businesses could receive a three-, five- or seven-year abatement based on the amount of money a business uses to develop its property.

“If they spend $150,000, they will have abatement for up to three years,” said Nobles. “If they spend $250,000, they will have abatement on taxes up to five years and if they spend $500,000 on property and construction, they will be eligible for the max of seven years.”

Nobles also stated that existing businesses that renovate their current buildings will receive a seven-year abatement regardless of the cost, making it “as worthwhile as we can.”

The districts will be broken into two north and south regions.

The northern region starts with parcels located east of Highway 11 and on towards Old Richton Road.

The southern district runs along South Main Street, starting at West 10th Avenue and on towards the Leaf River.

Nobles has worked along Area Development Partnership Community Development coordinator Kaitlyn Smith to get the idea approved.

“Tax incentives really do help bring businesses to areas, especially with the southern district that there’s already a lot of plans in the works to make that a more lively district towards the river,” said Smith. “It’ll change the community completely when we bring in new businesses.”

Nobles feels this could be the final step in making Petal a hot bed for all types of business.

“With the development of the new bridge and a couple of other projects that the aldermen have already passed, we’re really hoping that this tags together, creates an excellent opportunity and creates an environment that I really believe the city of Petal deserves,” said Nobles.

The central business district is expected to go into effect in 2023.

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