Hed: Corinth board passes tax increment plan to promote growth
By Jane Clark Summers
Daily Journal Corinth Bureau
CORINTH – A tax increment plan approved by the Corinth Board of Alderman Tuesday night will literally pave the way for business growth.
The tax increment redevelopment and financing plan is being initially implemented for the benefit of Lowe’s Supercenter, which is scheduled to open in late summer. The city will pass a $700,000 bond issue to pay for the extension of South Parkway, installation of new signalization and sewer work.
There will be no property tax increases as a result of the project. The bonds will be repaid by taxes generated by the new business. It is estimated that city coffers will be boosted annually by $16,000 in additional ad valorem taxes along with $315,000 generated from sales tax rebates.
In addition, 140 new jobs are expected to be created by Lowe’s.
Magnolia Regional Health Center Chief Executive Officer Rohn Butterfield reported that the overall hospital enterprise is growing. After suffering financial setbacks several years ago, the hospital is making a healthy comeback, he said, reporting that the institution has $3 million in the bank.
Admissions are up 15-20 percent over last year, Butterfield said. In 1993, admissions totaled 5,357 compared to 5,778 in 1994 and 5,816 in 1995. During the first six months of this fiscal year, admissions totaled 3,417. The average daily census is up from 88 patients last year to 103.
The home health care program is also experiencing growth with 80,000 visits reported in 1995, compared to 70,000 in 1994, Butterfield said. Outpatient and emergency room visits are also up.
Butterfield credited community support and physician loyalty with the increases. He also reported that physician recruitment has resulted in several additions expected this year, including a new obstetrician/gynecologist, a gastrointestinal specialist and another anesthesiologist. A new internal medicine specialist and another radiologist are expected within the next two years, he said.
The hospital is conducting more health fairs and following up on participants found with medical needs.
“We are trying to keep our community healthy,” Butterfield said. “That goes to our tradition as well as our name change.”
In other business, the board:
– Heard reports from the Tourism Council and the Downtown Association. Jim Price, president of both organizations, said four new businesses located in downtown during the first quarter. The association will sponsor the annual Slugburger Festival July 11-13. Two of the headline entertainers will be Law and Order and T. Graham Brown.
– Approved a zoning variance for the expansion of Autozone on U.S. Highway 72.
– Approved a traffic study to determine if there should be signalization changes at the intersection of Harper Road and Third Street.
– Approved the sale of two police cars no longer in use, 1988 and 1989 Chevrolets, for $1 to the village of Glen. In return, Glen will respond to any requests for law enforcement assistance from the Corinth police chief.