Involvement with the riverfront project comes with several potential incentives and tax credits for committed developers.

Each potential incentive and tax credit requires approval by other governmental entities and/pr compliance with specific regulation guidelines. PRA will not make representations or assurances of any type regarding the eligibility of a proposed riverfront site development for, or the availability of, any of the incentives listed below. PRA does not have authority to grant any of these incentives (other than negotiation of the sale or lease) relating to the PRA Site; and PRA does not have authority to negotiate on behalf of Front Street Properties, LLC. Please also note that we (the PRA) don’t vouch for or make any guarantees for the suitability or condition of the Platt Site.

The following list is for information purposes only and each proposer has the sole responsibility to identify and obtain any incentives necessary for development of the riverfront site.

State Tourism Sales Tax Incentive Program

If the proposed development qualifies under the applicable MDA guidelines, the city will consider participation in the “Tourism Rebate Program” authorized under Section 57-26-1, et seq., Mississippi Code Ann. This specific program provides a rebate regarding the percentage of sales taxes collected for a certified site for up to 10 years. Sites may include museums, hotels or resort developments (among others). All projects must be certified by the MDA for participation. Once certified, a developer may recover up to 30% of the total project costs during the 10-year recovery period through a rebate of 80% of eligible sales taxes. More details are available directly from the MDA and its website (www.mississippi.org).

New Market Tax Credits

PRA has retained Dale Partners as a design consultant for conceptual master planning, final design and design bridging documents to be used for the development of the RFP. The design consultant will review developer design documents at various times throughout the design process and will recommend to the PRA whether or not the developer’s design meets the design intent of the riverfront project. Design review compliance fees will be determined on a per project basis; however, review fees will be waived if Dale Partners is retained by the developer for the completion of the project.

Tax Increment Financing District

The city may consider creating a special taxing district and political subdivision – also known as Tax Increment Financing (TIF) – to provide for the development of designated areas. The development area must be in accordance with a comprehensive plan for development of property along the Pascagoula River. A special taxing district will create an impact on the city’s economic development, by providing for the renovation, restoration, and development of the sites, including hotel, commercial and residential development of all or any portion of the sites.

The special taxing district may utilize sales or a property TIF to offset the costs and expenses associated with approved infrastructure improvements constructed in accordance with the development. State and local authority will need to be requested and granted to establish a TIF district. To utilize TIF benefits, the proposal should include a feasible TIF plan for infrastructure required for the proposed development. Each TIF plan will require specific approval by the city before it becomes a part of an approved development proposal. It is anticipated that the city will take all necessary action to activate the TIF once an acceptable development plan is approved by the PRA and the city.

Property Tax Abatement

The city may also consider a request for property tax abatement or an in lieu agreement that is in compliance with applicable law. In general, property tax abatement may be available for up to a seven year period with respect to the value of the new leasehold improvements (excluding school taxes) with the time period dependent on the nature of the proposed development. If the city awards a tax abatement, Jackson County will award a complimentary abatement of county taxes.

Streamlined Development Procedures

Development review should be timely, efficient and support the goals of this project. With the applicable departments of the city, PRA will review development proposals and permits to ensure compliance with city requirements, and will provide timely review of all submittals. During this time, the city may consider certain limited waivers of permit or other related fees.

Design Consultant

PRA has retained Dale Partners as a design consultant for conceptual master planning, final design and design bridging documents to be used for the development of the RFP. The design consultant will review developer design documents at various times throughout the design process and will recommend to the PRA whether or not the developer’s design meets the design intent of the riverfront project. Design review compliance fees will be determined on a per project basis; however, review fees will be waived if Dale Partners is retained by the developer for the completion of the project.

Other Incentives and Grants

Additional incentives, tax credits, grants and loan programs may be available through the Economic Development Administration (EDA) and the Mississippi Development Authority (MDA) depending on the nature, size and scope of any proposed development. Each developer is encouraged to evaluate and consider these various incentives in relation to its proposed uses and development. The city and PRA will assist, cooperate and in certain cases act as the sponsor with the selected developer in order to obtain applicable incentives through the EDA and/or MDA.