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Southaven approves five-year personal property tax exemption for electronics distribution expansion
Summary
The Southaven Mayor and Board of Aldermen authorized a five-year personal property tax exemption covering $2.8 million for an expansion of an electronics distribution operation at 4150 Old Airways Boulevard; the company employs 255 people in the city and the county recommended the exemption.
The Southaven Mayor and Board of Aldermen voted to authorize a five-year personal property tax exemption for an expansion of an electronics distribution operation at 4150 Old Airways Boulevard.
City Attorney Nick Manley introduced the item as “the property tax exemption for future electronics distribution,” saying the exemption would cover $2,800,000 in personal property and noting the company employs 255 people in Southaven. Manley told the board the company has occupied the site since February 2004 and also owns an adjacent parcel for future expansion.
The exemption had been recommended by the local economic council and was approved by the county before coming to the board. The board moved and seconded the resolution and then approved it by roll call.
Aldermen who moved and seconded the motion were recorded in the meeting minutes; the motion carried on roll call. The resolution authorizes the city to sign and implement the five-year personal property tax exemption as presented.
The exemption will remain in effect for the five-year period specified in the resolution. The company’s name was not given during the presentation; the city attorney said the exemption is tied to the property and the expansion at the Old Airways Boulevard site.
The board did not attach additional conditions to the exemption during the meeting. Next steps are administrative: executing the authorized resolution and updating the city’s tax records to reflect the approved exemption.
