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Flowood board adopts amended TIF plan for Flowood Town Center
Summary
At its Feb. 5 meeting the Flowood Mayor and Board of Aldermen unanimously adopted an amended Tax Increment Financing Plan for the Flowood Town Center Project and authorized related development and reimbursement agreements. The hearing drew no public objections.
The Flowood Mayor and Board of Aldermen voted Feb. 5 to adopt an amended Tax Increment Financing (TIF) plan for the Flowood Town Center Project, moving forward implementation measures designed to support development in the town-center area.
Christiana Sugg of Gouras & Associates appeared on behalf of Southern Lifestyle Development Company, LLC during the public hearing to answer questions; none were raised. Alderman Kirk McDaniel moved adoption of the resolution approving the "Tax Increment Financing Plan for the Flowood Town Center Project, City of Flowood, Mississippi, July 2008, as amended and restated January 2018," and Alderman Kathy Smith seconded. The motion passed with unanimous approval of the board members present.
The adopted resolution authorizes the city to implement the amended plan and included approval to execute a development and reimbursement agreement associated with the Flowood Town Center Project. City minutes record that the amendment and agreement were presented for implementation; the hearing record shows no public opposition at the meeting.
Why it matters: Tax-increment financing lets the city capture future property-tax growth in a defined area to pay for public infrastructure and related project costs. The board’s approval sets the municipal framework for the developer and city to move forward under the amended plan; the resolution and implementation agreements outline how certain costs will be reimbursed as incremental revenue is realized.
Next steps: The resolution directs city staff and legal counsel to finalize and execute the development and reimbursement agreement authorized by the board; the city clerk’s minutes record that the board’s action implements the amended plan.
