MERIDIAN, Miss. (AP) — The city of Meridian will contribute $2.8 million toward expansion of the Crossroads Shopping Center project.
The city council agreed Tuesday to a tax increment financing bond issue. A TIF is designed to use future tax revenue to pay for improvements.
Local media reports are that the money is the next step to bring a variety of new stores to the local shopping center.
The projected increases in sales taxes will come over a 15-year period once the Crossroads expansion is finished and the new stores are operational. Construction on the expansion could start in September and be finished by fall 2016.
Meridian Chief Administrative Officer Mike McGrevey says there will be cost to taxpayers.