D'Iberville approves $2.4 million TIF bond for Academy Sports

meperez@sunherald.comJuly 16, 2014 

D'IBERVILLE -- Hours after the groundbreaking for Scarlet Pearl Casino, the D'Iberville mayor and council approved a $2.4 million tax-increment financing agreement to help build an Academy Sports store off Sangani Boulevard.

City attorney W. Fred Hornsby III said the amount of the bond was increased from $2.15 million to $2.4 million. The agreement, which passed unanimously, increased the amount of ad valorem tax the city pledged to repay the bond from 70 to 75 percent for the new development and the sales tax contribution from 50 to 55 percent.

The bond will help with infrastructure costs at the site, which council members said were more extensive than expected.

Hornsby said groundbreaking should be in 60 to 90 days.

In other action Tuesday:

n Gerald Hopkins, a licensed architect, was hired to do inspections for Scarlet Pearl Casino construction at a flat fee of $35 per hour. The city will hire another inspector as work progresses.

n Hank Rogers, community development director, said Scarlet Pearl will pay D'Iberville about $423,000 in construction-permit fees for the casino resort.

n City Manager Bobby Eleuterius said a redistricting meeting for the newly annexed area of the city will be 6 p.m. Thursday at City Hall.

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