Tax Break for Redevelopment - Southaven
Southaven planning director recommends tax incentives for Rural King conversion of former Kmart
The city's planning board heard a proposal to waive fees for a $19 million redevelopment of the former Kmart building into a Rural King store.
At the Oct. 21 meeting of the Southaven Board of Mayor and Aldermen, Planning Director Whitney Cook presented the application for 550 Stateline Road, describing Rural King as "kind of an outdoor sportsman / farming recreational facility" planning to renovate the site. Cook said land acquisition and improvements total around $19 million, including a $3 million investment in the building itself. "They are requesting again the tax incentive program where we will waive the tax fees, water and sewer both, permit fees," Cook told the board. According to a draft wire summary, the board voted to accept the application as presented, with a formal resolution expected once plans are finalized.
The proposal represents a significant private investment at a long-vacant retail site, but it also raises a public finance question: how much in city tax, water, sewer and permit revenue Southaven stands to forgo. Board members' questions suggest this vote was conceptual only, with specific dollar figures for the waived fees to be spelled out when the formal resolution comes back before the board.