Next phase for the Margaritaville resort

The next phase of the $200 million Margaritaville expansion project was discussed at the city council meeting in Biloxi.

The Biloxi City Council moves to the next step for the $200 million Margaritaville project involving a new amusement park, a water park, and two hotels. “It’s likely, very likely to generate a lot more visits to this part of the state.”

“The market study shows that it will probably bring an additional million people a year.”

The state will rebate to the developer 80 percent of state and city sales tax as an incentive to fund the infrastructure for the project. Biloxi Mayor FoFo Gilich said, “The 80 percent of whatever sales tax collected in that $200 million project will go and come back to the developer up to the 60 million dollars on the possible 200 million dollar project.”

In addition to that 80 percent, the developer will divert $340,000 to the tax increment financing district, involving improvements to the waterfront.  “Those two pieces fund the bond that will build public boardwalks, piers, parking areas.”

“This will certainly provide a big part of the Coast to develop those projects.”

The remaining 20 percent of sales tax goes to state and city.Although the city council approved this step of the project, remember this is a non-binding memorandum of understanding. There’s still work to be done before the city council has their final approval. “We have given them 150 days to wrap things up, but that can be extended by mutual consent of both parties.”

“The parameters are defined and we will actually sign when all the applications and permits are approved.”

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