NOTICE OF PUBLIC HEARING
TAX INCREMENT FINANCING PLAN, SOUTHPOINT FACILITY CONSTRUCTION PROJECT,
GRENADA COUNTY,
MISSISSIPPI, SEPTEMBER 2024
NOTICE IS HEREBY GIVEN that a public hearing will be held on Monday, October 21, 2024, at 10:00 am. at the regular meeting place of the Board of Supervisors (the “Governing Body”) of Grenada County, Mississippi (the “County”), located at 59 Green Street, Grenada, Mississippi, within the County, on the Tax Increment Financing Plan, Southpoint Facility Construction Project, Grenada County, Mississippi, September 2024 (the “TIF Plan”). The County proposes to use the TIF Plan in compliance with the Tax Increment Financing Redevelopment Plan, Grenada County, Mississippi, August 2024 (the “Redevelopment Plan”), previously approved by the Governing Body. The TIF Plan details the proposal for a private developer to develop and construct multiple industrial buildings in the industrial park of the County (the “Project”), to construct certain infrastructure improvements in support of the Project, and to designate the Project as appropriate for tax increment financing (“TIF”).
The general scope of the TIF Plan is to induce the developer to proceed with the Project at its expense, and if certain conditions are met, authorize the County to issue tax increment financing revenue bonds or notes in the maximum aggregate principal amount of $5,500,000, in one or more series, which may be taxable or tax-exempt, in order to provide funds reimburse Hollingsworth and/or the Developer for certain costs of designing, installing, and constructing various infrastructure improvements to support the Project eligible under the TIF Act and located within the TIF District or servicing the TIF District, which include, but are not necessarily limited to, the design and building of the road and storm drainage system to meet the requirements of the County; the design and extension of water and sanitary sewer infrastructure, extending natural gas utilities; extending and improving electrical utilities and street lighting; design, installation, rehabilitation and/or relocation of utilities such as water, gas, fiber, and sanitary sewer; design, installation, construction, renovation, or rehabilitation of drainage improvements, including storm water detention and related improvements; design, construction, and installation of roadways, curbs, gutters, sidewalks, surface parking; relocation of electrical lines, lighting, signalization, design and landscaping of rights-of way; and related architectural/engineering fees, attorney’s fees, TIF Plan preparation fees, issuance costs, capitalized interest, and other related soft costs (collectively, the “Infrastructure Improvements”); which Infrastructure Improvements may be constructed or installed within the TIF District or on land adjacent to and serving the TIF District.
The TIF bonds or notes, if issued, shall be secured solely by a pledge of 75% of the incremental increase in ad valorem real property tax revenues and 75% of the incremental increase in ad valorem personal property tax revenues, to the extent such ad valorem personal property tax revenues are not exempted pursuant to Sections 27-31-101 et seq., Mississippi Code of 1972, as amended (together, the “County Ad Valorem TIF Revenues”), calculated in the manner set forth in the TIF Act, generated by construction and development within the TIF District, and will not be a general obligation of the County secured by the full faith, credit, and taxing power of the County or create any other pecuniary liability on the part of the County other than the pledge of the incremental increase in the ad valorem taxes set forth above. Construction of the Project and payment of the TIF bonds issued to construct the Project will not require an increase in any taxes of any kind within the County.
The County may exercise its authority under Sections 21-45-1 et seq., Mississippi Code of 1972, as amended (the “TIF Act”), in connection with the TIF Plan. The public hearing is being called and conducted and the TIF Plan has been prepared as authorized and required by the TIF Act.
Copies of the TIF Plan and the Redevelopment Plan are available for examination in the office of the Chancery Clerk of the County located at 59 Green Street, Grenada, Mississippi, within the County.
DATED this day, September 16, 2024.
Grenada County, Mississippi
/s/Chad Bridges
CHAD BRIDGES
President, Board of Supervisors
Publish 10/9
