City extends term of tax increment financing plan for mall

by Associated Press

Published: January 16,2013

Tags: bank, banker, banking, city government, Commercial Real Estate, community development, economic development, finance, financial insitution, financing, municipal, municipality, outlet mall, retail, retailer, retailing, tax, taxpayer, tourism, tourist, visitor

SOUTHAVEN — Officials have extended the time frame of the $15-million tax increment financing plan for the proposed outlet mall in Southaven.

The Commercial Appeal reports Mayor Greg Davis made clear the amount of funding was not changing, just the time period for the plan was being extended from 15 years to 20 years.

Tax increment financing is a plan under which bonds will be issued to pay for the infrastructure, which includes water, sewer and road improvements for the outlet mall project.

The mall is a $50-$60 million project called the Outlet Shops of the Mid-South.