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Commission approves application to seek 15-year extension for White Oaks TIF district
Summary
The Harrison County Commission voted to approve an application to extend the White Oaks (Harrison County Development District No. 3) tax-increment financing district by 15 years to support further development and refinancing; developers said the project has generated jobs and significant taxable investment.
The Harrison County Commission voted Sept. 18 to approve submitting an application to extend Harrison County Development District No. 3 (White Oaks) by 15 years.
Woody Thrasher, identified as the developer of White Oaks, told the commission the project ‘‘is approaching a 80,000,000 in taxable investment’’ and that it has created jobs; he asked the commission to approve the extension to allow further development and refinancing. County staff explained the current termination date is Oct. 4, 2037, and the requested extension would move termination to Oct. 4, 2052.
County staff and commissioners discussed the TIF’s approved maximum ($80,000,000) and noted issued amounts are less than the approved ceiling; staff cited roughly $22 million outstanding in issued bonds. Commissioners clarified that the vote approved only the application to the state economic development authority to seek the extension — the state process and final approvals remain required.
The motion to approve the application to pursue the 15-year extension passed by voice vote. Commissioners and staff said the extension would authorize additional bond issuance for Phase II projects as well as refinancing of outstanding amounts if needed.
The public hearing portion included supportive remarks from the White Oaks developer; no opponents spoke during the hearing portion on record.
