PETAL, Miss. (WHLT) – Petal officials held a ribbon-cutting event for the city’s new central business district.
Pine Belt News reported Alderman Blake Nobles began talks with other city officials and the Area Development Partnership to designate an official Central Business District in the city. This plan was to help provide tax incentives for new and existing businesses within the city limits.
The Petal Board of Aldermen believes it will encourage the economic revitalization of the area through the granting of ad valorem tax exemptions for the promotion of business and commerce.
The area is broken down into two sectors, Petal Central Business District North and the Petal Central Business District South. The north district is comprised of several parcels off of West Central Avenue, East Central Avenue, South George Street, North Main Street and South Main Street. The southern district consists mostly of parcels off of Carterville Road, Dawson Cutoff and South Main Street.
According to the newspaper, under provisions of the project this gives municipalities the authority to exempt from any or all municipal ad valorem taxes, excluding ad valorem taxes for school district purposes, for a period of not more than seven years.