It’s 5 o’clock somewhere, but tomorrow Biloxi Mayor FoFo Gilich and the Biloxi City Council will discuss matters regarding the Margaritaville Resort expansion.
The $200 million Margaritaville project in east Biloxi will take another step forward after the city council meeting tomorrow.
Back in June, locals and tourists were thrilled to hear about the expansion of the Margaritaville Resort with the addition of a new amusement park and hotel. Biloxi Mayor FoFo Gilich said, “The family component of this is really exciting and we are pleased to be able to put this thing together.”
It’s now time for the next step: approving a preliminary agreement between developers and the city to use new tax money to fund the $200 million project. “Regarding tax abatement and sales tax diversion to help put this project together,” said Mayor Gilich.
Mayor Gilich and the City Council will also discuss ways to offset the $200 million worth of investments. There could be a tax break for the resort for about 15 years. “We will divert some of the state’s sales tax revenue toward the financing of that project,” said Mayor Gilich.
Biloxi Councilman Felix Gines said, “When you are dealing with major corporations and major businesses, they look for a tax break. Also, it’s considered an opportunity zone. We want to provide every opportunity for companies to come in and invest in Biloxi.”
After Mayor Gilich and the City Council pushes the memorandum of understanding then the resort can move on towards the construction phase of the project. “Once we get rolling, we will be in business.”
“It will be on the Margaritaville group and once they are ready, we will be ready to push right behind them,” said Gines.
There are some agreements and permits that have to be signed before the construction phase starts. Mayor Gilich told News 25 he thinks it’ll take about 18 months of construction to put this project together.