The Leflore County Board of Supervisors gave quick approval Monday to a proposed economic development plan intended to spur new business construction in the county.
The action come closely on the heels of the Greenwood City Council, which last week approved the same tax increment financing plan, which is being advanced by the Greenwood-Leflore Industrial Board.
Under the proposal, which will require a development plan to be on file with the Chancery Clerk’s Office as well as a public hearing prior to adoption, developers can opt for the program.
Angela Curry, executive director of the Greenwood-Leflore Industrial Board explained how tax increment financing works.
“For instance, if you have a piece of property that is currently bringing in say $1,000 in property taxes, when that developer comes in and improves that property, the value goes up.
“The increased taxes you’ll receive from that property will be used to pay for public infrastructure. If that project needs a road or any kind of public infrastructure, instead of dipping into your budget for those funds, you’ll be able to use those ad valorem taxes,” she said.
Once the tax assessor establishes a value on the improved land, the developer becomes eligible to be reimbursed for the public infrastructure components of the project.
The developer is reimbursed from bonds that are issued after the project is completed. Those bonds are backed by the increased property taxes generated from the development.
Curry noted that if a developer doesn’t pay his taxes, the burden falls on the bond issuer, not the city or the county.
In other action, the board approved:
• A new $3,600 annual lease for Browning Community Park.
• A new $841 annual lease for the park in the Buckeye Community.
• Voiding the 2010 tax sale on a one-acre parcel owned by Gloria Moore. The property is in bankruptcy and should not have been included in the tax sale, according to Leflore County Tax Collector Annie Conley.
• Contact Bob Darden at 581-7239 or bdarden@gwcommonwealth.com.
