Developers of the District at Eastover will be reimbursed to the tune of up to $7 million for infrastructure costs related to the project.
The Jackson City Council and Hinds County board of supervisors recently approved awarding tax-increment financing (TIF) bonds to developers to reimburse them for costs associated with upgrading infrastructure for the mixed-use development.
The project is located at the corner of the I-55 North frontage road and Eastover Drive, across from the Mississippi Schools for the Blind and Deaf.
Bonds will be repaid with property taxes generated by the project.
Under terms of the agreement, the city has agreed to allocate 100 percent of the increase in property taxes from the project, while the county has agreed to allocate 50 percent.
Funds will go into a special escrow account and be specifically used to retire the bonds.
It was not known how long it would take to repay the debt.
The city initially approved issuing the bonds in 2013. Then, private consultants estimated that the development would generate an additional $431,000 a year in property tax revenues for the city, $284,000 in property taxes for the county and $556,000 for Jackson Public Schools (JPS).
Taxes going to JPS will not be affected by the TIF repayments.
The District was developed by Ted Duckworth and Breck Hines.
Water Bills Update
Jackson has reached the halfway point in resolving stranded water bills.
Last week, 10,123 bills had been corrected, with 10,011 remaining, according to Public Works Director Robert Miller.
The bills account for $8,355,725 in outstanding usage fees, of which $942,668 has been collected.
The rest will likely come in as part of the city’s new repayment plan.
“All in all, this project is going particularly well,” Miller said.
The news comes as Siemens enters the final three months of a contract designed to help Jackson sort through its water billing crisis.
In April, the city amended its $91 million energy performance contract with the Siemens Industry’s Building and Technologies Division to address a backlog of stranded accounts.
At the time, Miller told the city council that some 20,134 bills were stranded, and therefore not being collected on.
He said the number could grow to as much as 23,000 but will be addressed as part of the ongoing work.
“All of this work will be done within the agreed upon dollar amount,” he said.
Siemens has until September 30 to reconcile the remaining accounts.
The work will cost approximately $1.12 million and is being paid for out of funds that were not expended as part of the original $91 million agreement.
Precinct 32 Moving
Some Jackson voters could soon be casting ballots at a new precinct.
Last week, the Hinds County board of supervisors voted to begin looking for a new facility to house Precinct 32.
The precinct is currently located at Jackson Fire Station No. 16 on Lakeland Drive.
District One Supervisor Robert Graham said a new location had not been chosen at press time, and that supervisors were working with the Hinds County Election Commission to find one.
He wants a new location so voters won’t have to stand out in the elements while waiting to vote.
Seven-hundred thirty-nine people cast ballots at the precinct during the June 5 U.S. Congressional and Senate races.
The precinct is represented by the Hinds County District One supervisor, the Jackson Ward One councilman, District 25 state senator and District 64 state representative. Also, voters casting ballots there vote for candidates in the third U.S. Congressional race and in the county’s first judicial district.
It was not known when a new location would be found.