PETAL, MS. - Forrest County Board of Supervisors and the City of Petal are helping York Developments move forward with building a new upscale apartment complex in Petal.
York Developments is asking for a public hearing to be held to answer questions about the project and the need for a Tax Increment Financing (TIF) plan.
According to Petal Mayor Hal Marx and Board President David Hogan the apartment complex property tax can help the city and county with infrastructure needs.
President Hogan says, "We want to thank York Developments for continuing to have a desire to build in our community."
“We think it is going to be a big plus for our city because of the influx, residents will be here to spend money" says Mayor Marx.
Officials say the apartment complex will be located behind Petal's Walmart on Byrd Parkway. It has a price tag of $15 million.
It will feature 132 units and look similar to Cross Creek Village apartments in Lamar county.
Marx says the apartment complex will have many amenities and will be the first ever upscale living units in the city. “Club house, tennis court, nature park, not only people at the apartment complex can utilize but citizens can go there (nature park) too.”
“Once that TIF is paid for, then those property taxes which will amount to $100,000 a year will be for the city of Petal" Mayor Marx says.
He adds, "It will be coming in and help pay for the streets and all things like that."
"The school will be benefiting it from it as well. They will be getting about $137,000 to $140,000 a year in taxes" says Marx. Officials hope to break ground later this year.
The city of Petal recently held its public hearing. Forrest County residents will have a chance to questions about the TIF and project next Monday, August 21 at the B.O.S meeting at 10 a.m.