Last year, the City of Vicksburg hired a consultant firm to prepare an Urban Renewal Plan, in hopes of securing $11 million in investments into the city in the form of condominiums. Developers targeted several locations as potential development areas, two of the most prominent being Washington Street Park and a plot near the Convention Center.
The firm has completed the first step of the process, and city officials approved the drafted plan which will allow developers to begin their due diligence in the next phase of the process. Before any land is sold or work can begin, investors must prove that the condos can be sold.
It is a long and arduous process, and this step is just one of many that will take place before any ground is broken on the project.
For Mayor Flaggs, the value of the investment is a ‘no-brainer’ saying, “it makes sense to a drunk man.”
The economic impact of the construction of approximately forty condominiums in the central business district and downtown area is estimated to bring approximately $157,000.00 in ad valorem taxes per year on property that is currently tax exempt; local sales tax revenue on building materials and a construction payroll over $5,000,000.
Additionally, the increased foot traffic will support restaurants, retailers, and other downtown venues; in turn increasing sales tax revenues.
The condominium developments are commercial in nature in that they will not only be used by individuals as a residence, but it is anticipated that they will also be used by tourists, long-term contractors for local industries, and other individuals and families that visit Vicksburg.