Poplarville and Pearl River County leaders are considering a potential joint agreement to develop a six-acre lot located along Highway 11.
According to a Tax Increment Financing plan put together by Laurence Leyens of Urban Development Toolbox for the city of Poplarville, the two entities plan to develop the county-owned land located on the corner of North West Street and West Larkin Smith Road in Poplarville into the College Square Retail Center.
The developer, Jimmy Pickering of James Properties, LLC, proposes to construct a grocery store and gas station in phase one of the project, the proposal states.
The 26,000 square foot full-service grocery store and gas station would include prepared food venues featuring fresh sushi, hot foods and a full service deli, the proposal states.
A second phase would construct an additional 14,000 square-foot commercial space for restaurants, retail businesses, banking and professional offices.
An additional 1.38 acres of land would be reserved for future development, the proposal states.
The project would invest about $7.1 million in the community and create an estimated 175 full and part time jobs with an estimated $3.5 million in payroll. It would also generate about $156,000 in annual property taxes and provide $181,300 in sales tax rebates to the city, according to the proposal.
Construction of the center could also create 40 to 60 on-site jobs for the duration of the estimated 10-15 month construction period, according to the proposal.
Under the guidelines of the TIF bond, the city and/or the county would fund improvements to the property, including the addition of utilities, construction of roadways, parking and sidewalks, installation of traffic signs and landscaping.
Using a TIF bond allows the city/county to pay off those construction costs by using tax dollars to retire the bond. Under the proposal, no more than $2 million of the estimated $5 million budget would be funded through the city’s TIF.
If the projections listed in the proposal are correct, after phase one is complete, real and personal property taxes will increase annually by: $50,900 to the city, $51,198 to the county and $54,168 to the Poplarville School District.
Under an estimated 15-year, $1.3 million bond issue, the city’s annual bond payment would be about $133,000 from an available $257,499 in tax revenue, according to the proposal.
The Poplarville Board of Aldermen is asking for public comments concerning the proposal during a public hearing scheduled for August 15 at 5 p.m.
If approved, Leyens said he estimates the project would begin construction within 60 days and be complete within the following year.