Developers share Molly Barr intersection improvement plan
Published 1:29 pm Tuesday, November 2, 2021
The Lafayette County Board of Supervisors is set to hear plans for the Tax Increment Financing Plan for intersection improvements for Colonnade Crossing.
Colonnade Subdivision is a commercial subdivision west of Park Drive and across Molly Barr Road. MFM Development, LLC. planned 22 lots across the 88 acres of land. A third of the property is being zoned for Traditional Neighborhood Business with the remaining two-thirds being zoned for Suburban Corridor.
Gouras & Associates owner and principal Chris Gouras presented a resolution to set a hearing for the TIF Plan on behalf of MFM to the county supervisors. MFM plans to collaborate with Oxford officials and the Mississippi Department of Transportation on improvements to the road along the area which include 10-foot multi use sidewalks for bikes and foot traffic on both sides of the road.
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“The distinguishing thing about this project will be that 100 percent of the scope of this work will be city right-of-way or MDOT right-of-way,” said Gouras. “We’ve been collaborating with them for some time for this agreed upon scope including traffic studies.”
The planned improvements proposes about $5 million in estimated costs and the TIF Plan has a $6 million not-to-exceed number with the plan allowing reimbursements up to $5.25 million. The difference between the $6 million and the $5.2 million will be a debt-service reserve that is required when the bonds are issued.
The city of Oxford collects an estimated $11,000 per year from property taxes in the area and when the property is officially developed, MFM and Gouras anticipate an approximately $430,000 increase to the county.
“The school district preferably collects $20,000 a year off these undeveloped properties,” said Gouras. “We think to fully develop the school district’s revenue, we’ll exceed $761,000 once it’s fully built out.”
According to Gouras, a few lots on the southside of the subdivision under contract for development will produce around $1 million and, once road improvements are underway, he and MFM assume there will be enough city and county revenue to have full reimbursement for the road improvements.
The board of supervisors adopted the resolution and set the public hearing regarding the TIF Plan for November 15, 2021.