Council considers $2.1M TIF bonds for Jackson subdivision - MSNewsNow.com - Jackson, MS

Council considers $2.1M TIF bonds for Jackson subdivisions

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By Roslyn Anderson - bio | email

JACKSON, MS (WLBT) –  Jackson's newest subdivisions are fully occupied with families who will begin paying property taxes January first.

Tax dollars that developers hope will be used to help them make even more expansions in south Jackson.

Developers of the Timber Falls subdivisons hope city leaders will approve TIF or Tax Increment Financing Bonds that will allow them to make improvements.

They are asking for $2.1 million dollars in bonds, money which will be repaid through future property taxes over 20 years.

"That will let us have funds to build more of our parkway and infrastructure which will put us in a position to develop more real estate commercial and market rate homes," said Timber Falls developer Clarence Chapman.

Timber Falls consists of the Forest Hill Place and Cedar Grove Subdivisions, 325 single family lease to own homes off Raymond Road.

No one spoke for or against the plan during a public hearing Monday at City Hall.

It was later discussed in the council's work session.

This situation is unique because TIFs are usually granted to future and not existing development.

"In my opinion it's a preferred way of doing real estate or residential TIFS because if you don't do it like that you don't know whether you're going to build 60 homes or 100 homes or 200 homes," said Jackson Mayor Harvey Johnson Jr.

According to Ward Six Councilman Tony Yarber, the developer's commitment and the bond money will lead to additional commercial space and access to new businesses through roadway improvements.

"It says that there are some people who believe in the history. There are some people who more so believe in the future. So we want to give them an opportunity to come in and we want to embrace them as well as they embrace us, and we move south Jackson and the City of Jackson forward," said Yarber.

Creators of the subdivisions want to use the funds to expand another half mile of the Timber Falls Parkway south of the Cedar Grove subdivision.

It will also connect with Maddox Road on Raymond Road and straighten a portion of Forest Hill at Deadman's Curve.

The council is expected to vote on the TIF Revenue Bonds during Tuesday's regular meeting.

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