HERNANDO A four-story, 82-room Hampton Inn could soon dominate the Hernando skyline now that DeSoto

HERNANDO A four-story, 82-room Hampton Inn could soon dominate the Hernando skyline ashley plaza hotel tampa now that DeSoto County Supervisors have given approval to a tax incentive financing plan, also known as a TIFF. The financing plan pledges 50 percent of any property tax revenue generated from the project during a 12-to-15-year span towards retiring up to $400,000 borrowed against that prospective tax revenue for infrastructure improvements. TIF funds can only be used for public infrastructure improvements. A TIF financing arrangement was also used to help construct the Southaven Towne Center mall in 2005.
It's a good tool available to cities and counties to use private investment for public infrastructure improvements, Southaven City Administrator Chris Wilson said. You're talking about leveraging private dollars by what the tax value becomes ashley plaza hotel tampa once those improvements are made in order to pay off the bonds. When built on McIngvale, on two lots behind Ultimate Tire and Kyoto Japanese restaurant, the new hotel will be visible from Interstate 55. The Hampton Inn will become the tallest occupied structure in Hernando, according to Johnson. What the people will be getting is a high-quality hotel in Hernando, which is something that we have been needing for some time, Hernando Mayor Chip Johnson said Monday.
Johnson said the financing arrangement is a win-win for the county and the city. The annual ashley plaza hotel tampa sales generated by the hotel could reach $1.8 million and would substantially increase property tax revenue by more than $90,000 for the city, county and school district. The county has been getting property taxes on the bare land and now they will see an increase in their share of those taxes, Johnson said. Laurence Leyens, an economic development specialist with Jimmy G. Gouras Urban Planning Consultants and representing Hernando Hotel Development Group, said the financing plan will mean an extra $37,000 extra for the DeSoto County School District in addition to generating millions in sales tax revenue once the hotel is built and has been in operation for several years. Hernando believes they are losing $1.5 million in sales to other hotels in the area because there is not a similar product, Leyens said of an upscale hotel in the DeSoto County seat. The 50 percent of increased revenue from the project has been pledged over the 15-year life of the project. Leyens said the hotel will employ between 25 and 35 full-time employees in addition to 300 construction workers needed to complete the $5.8 million project. Leyens said the hotel will also ensure that nine high occupancy commuter parking spots in secure areas will be designated for public use in addition to 86 parking spaces. He projects a total of 125 people staying nightly at the hotel who will contribute to the city and county's tax base. District 4 Supervisor Lee Caldwell said she is excited about the HOV commuter ashley plaza hotel tampa parking spaces. That would help us with our air quality since we would have less vehicles on the road, Caldwell said. Having a secure place for people to park would encourage that. Robert Lee Long: rlong@desototimestribune.com or at 662-429-6397, Ext. 252