The Oxford Board of Aldermen unanimously voted on Tuesday night to adopt a Tax Increment Financing (TIF) Plan for intersection improvements at Colonnade Crossing.
The commercial subdivision is west of Park Drive and right across from Molly Barr Road and comprises 22 lots and 88 acres of land. The developer, MFM Development, LLC plans to collaborate with Oxford officials and the Mississippi Department of Transportation (MDOT) to improve the road along the area, while also implementing new roundabouts.
Dick Dickerson, one of the attendees of the public hearing voiced his concerns on the ‘TIF Plan,’ stating the previous TIF Plans and their effect on Oxford taxpayers.
“In my opinion, the use of Tax Incremental Financing (TIF) in Oxford has been used too liberally,” he said. “To date, over $19 million of TIF bonds have been authorized and tonight you’re considering another six million dollars for a total of $25 million. When issued, the payback of $25 million in bonds will cost the taxpayers of Oxford and Lafayette County over $33.5 million in tax revenue.”
Dickerson also raised a question as to whether or not these improvements had undergone traffic impact studies.
“These improvements are being required by MDOT in order for there to be any further development in that area,” Mayor Robyn Tannehill said in response. “MDOT performed whatever traffic studies were required for them to make this a requirement of this development.”
Tannehill also stated that the board has learned from each step they have taken and has tried to implement the things they’ve learned regarding TIFs for a more efficient effect on these types of projects.
“It’s also a way for us to get needed infrastructure improvements in a community of 28,000 taxpayers that is supporting infrastructure for 60,000 most days, LSU game weekend over 200,000,” Tannehill said.
Chris Gouras, owner and principal of Gouras Associates, presented the resolution of the TIF Plan on behalf of MFM and stated that he met with the county, with the county voting unanimously to set their hearing for Nov. 15.
“Assuming that the county acts favorably on the 15, we would come back before this board, ask that the MOU with MDOT be considered, the interlocal agreement which is standard when you have a joint TIF, and then we present a development agreement,” Gouras said. “100% of the TIF money that would be reimbursed are in the public right-of-way, MDOT right-of-way and city right-of-way.”
