City council moves forward with tax exemption for Threefoot Building Project
The City council approved two resolutions for a program that will complete the final hurdle for the Threefoot Building Project.
The Mississippi Tourism Sales Tax Rebate Program is a method that other projects within the state have utilized to gain financing.
Developers hope the use of this program will help boost the use of this old historic property, known as the Threefoot building.
“It’s a way that hotels are able to rebate certain sales tax back to the project over the span of 15 years. Projects like the King Edward Hotel in Jackson, the District Midtown in Hattiesburg, have all utilized the program,” Tray Hairston says.
City leaders agree that this will push for more tourism and grown within the city.
“You’re talking about a building that is historic to this entire United States, the Threefoot Building. What I expect for people to come here from all over to want to stay in that hotel and just the attraction that its going to do for our city and the attraction that a few other things are going to do for our city,” Mayor Percy Bland says.
With approval from the board, developers will now look to set a date of reconstruction for the tallest building in the Queen City.
“I think that the developer has another 6 months or so to move forward with pulling out and starting to demolish and rehabilitate the building, certain features and aspects of it will have to be gutted, but I think he’s ready to move forward,” Hairston says.