Thursday, June 13, 2024

Mercer County Commission approves new tax district for sports complex project

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MERCER COUNTY, W.Va. (WVVA) – Leaders in Mercer County have officially approved a tax increment financing district that will encompass around 390 acres of land in the county.

The creation of the district will be used for a $250 million sports complex called ‘The Ridges’. The district was approved by the Mercer County Commission during Tuesday‘s commission meeting.

The complex will be located between Pisgah and Halls Ridge Road off of I-77′s exit 9 in Princeton. The plan for the area will include multiple baseball and softball fields as well as a commercial complex along with a park and recreation area.

The tax district will allow for project funding by borrowing against the future increase in property tax revenues. Mercer County Commissioner, Greg Puckett says this will be the first tax increment financing district established in the county.

“Without getting into too many details it’s really about making sure that the company has the internal investment in an opportunity to come into the community. Then be able to grow quickly and then be able to go back and be able to reinvest what they’re putting into the county in a different collectible way,” said Puckett.

Delegate Jordan Maynor of Raleigh County who is also with the Mercer County Economic Development authority says negotiations for financing the project is currently in the works. He says the plan is to have financing locking in by the fall.

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