By The Associated Press
CORINTH – The city of Corinth will offer a new tax incentive to promote redevelopment in the central business district area.
The Daily Corinthian reports that the board of aldermen this week adopted an ordinance establishing the Corinth Opportunity Redevelopment District. The tax break would kick in with a $50,000 investment.
Alderman Andrew Labas called the incentive an economic development tool.
“What we’re trying to promote is private individuals throughout the city to develop and rehab existing structures … some of the downtown properties,” Labas said.
It applies to construction of a new privately owned structure or renovations of existing structures in the central business district.
With a $50,000 investment, the investor can get a three-year city ad valorem tax exemption. The exemption increases to five years for a $100,000 investment and seven years for a $150,000 investment.
“We can’t forego school district taxes and we can’t forego county taxes, but this is the best that we can do as far as trying to promote individuals to rehab these properties,” said Labas.
It is also tied to the “shop Corinth first” concept by requiring that 70 percent of the total cost is incurred in Alcorn County. The board can make an exception if a substantial amount of the materials or work cannot be obtained in Alcorn County.
The ordinance requires compliance with the Historic Preservation District guidelines where applicable and prohibits buildings with metal and cinder block exteriors, among other stipulations.