Summary:
- Starkville’s board of aldermen approved a $3.35 million tax increment financing (TIF) agreement to support the $45 million Sandcreek Redevelopment Project, a joint venture by Desai Companies and York Developments, featuring a 100-room Home2Suites hotel and a 504-bed student housing complex on a 21.6-acre site off Highway 12.
- The TIF bonds, split evenly between the city and county, will fund infrastructure improvements including a new 1,367-foot access road and upgrades to Pat Station Road, with repayment tied to new property tax revenue generated by the development over 15 years.
- The project is expected to increase annual property tax revenue significantly for the city, county, and school district, create 75 construction jobs and 33 permanent positions, and address Starkville’s hotel room shortage amid ongoing local hotel redevelopment.
Original article:
https://cdispatch.com/news/tax-break-approved-for-45m-hotel-student-housing/
