The Winona Board of Aldermen elected to hire Jackson attorney Brad Davis to represent the city in regards to the proposed Tax Increment Finance (TIF) plan for a new retail development at the intersection of Interstate 55 and Highway 82.
At the May 6 meeting of the Winona Mayor and Board of Aldermen, representatives from Stribling Equipment announced the intention of constructing an $8 million facility on the southwest corner of the interchange. In addition, both the Winona Board of Aldermen and the Montgomery County Board of Supervisors have agreed to participate in a TIF plan in connection with the development.
The TIF plan will provide $1.5 million in street, water, and sewer expansion and improvements as well as other improvements to public use areas of the proposed Stribling Equipment dealership and Empire semi-truck dealership.
Tax increment financing allows cities and counties to issue bonds to assist developers in paying for infrastructure improvements needed for construction of a project. The bonds are paid for by future sales and ad valorem tax revenue generated by the new development above what is generated prior to the development.
Chris Pope with North Central Planning and Development District assured the Winona board that he will actively be seeking grant opportunities to assist in infrastructure needed for the development, most importantly the construction and expansion of the frontage road and water and sewer lines.
In other city business, the board approved a request by the Montgomery County Economic Development Partnership to advertise for bids for dirt work needed on the site of Winona Hardwood, which will be located in the Crossroads Industrial Park. Pope said he would get cost estimates on the projects as well as submit a grant application to the Delta Regional Authority on behalf of the project.