September 30, 2013 9:33:37 AM
Nathan Gregory - [email protected]
A tax increment financing project request related to a retail development possibly coming to Columbus was pulled from today's Lowndes County Board of Supervisors meeting agenda and will also be removed from Columbus councilmen's Tuesday agenda.
Golden Triangle Development Link CEO Joe Max Higgins said Sunday that the economic development group and yet-to-be-named other parties spearheading the project have more details to finalize on the proposed agreement before it can be presented to city and county lawmakers. The request will likely be brought back to the table during each board's Oct. 15 meeting, Higgins said.
During the Link's quarterly luncheon this month, Higgins said he would be presenting the boards with a project involving "50,000 square feet of retail."
No additional information on the location of the development, financial details or parties involved has been made public.
Tax increment financing utilizes future gains in sales taxes or portions of ad valorem taxes to finance developments or facility improvements. In this case, Higgins said the development would likely involve a co-op between the city and county with both forfeiting a set amount of ad valorem tax on the new retail space and the city also setting aside a portion of sales tax returns from the new development.
For a recap of Monday's supervisors' meeting, see Tuesday's edition of The Dispatch.
Nathan Gregory covers city and county government for The Dispatch.