Topgolf developers seeking tax rebates
RIDGELAND — Developers of the proposed Topgolf development here are seeking about $9 million in sales tax rebates through a Mississippi Development Authority program designed to invest in tourism in the state.
PraCon Global Investment Group hopes to utilize the Tourism Project Tax Incentive Program Act following MDA approval.
The project will divert 80 percent of sales tax collected from the project for a term of 15 years or when 30 percent of certain approved costs by the MDA has been collected. The term will end after that amount is collected or after 15 years, whichever happens first.
Gabriel Prado, CEO and president of PraCon Global Investment Group, said they expect to collect around $8.7 million in ten years through the rebate plan. He said they expect Topgolf to represent a close to $30 million investment.
The Board of Aldermen approved a resolution offering their support for the TPTPA diversions following MDA approval.
“The City is in full support of the Tourism Project and supports the application by the Applicant to MDA for the benefits allowed pursuant to the Tourism Program,” the resolution reads in part.
Mayor Gene F. McGee said he was happy to see the resolution pass noting he thought it was a “very good program” that would bring such an asset to the state and city.
“The next step is to get Topgolf going,” he said.
Prado said he hoped to break ground on the project within the next 30 or 60 days following the Architectural Review Board approval for the Topgolf facility at the regularly scheduled city board meeting on Oct. 3, of this month.
“This is a milestone,” Prado said. “We are very excited and grateful for the support we have received from the Mayor and board.”
The development is currently waiting on permits from the Mississippi Department of Environmental Quality and Army Corp of Engineers to proceed with the development, of which Topgolf is a major piece.
In August, the city board approved preliminary plat approval for Phase I of the project.
The city board unanimously approved the Prado Vista Overlay District in mid-April.
The development will be built in the northeastern corner of Sunnybrook Road and Colony Park Boulevard.
In addition to Topgolf, The 77-acre Prado Vista development will include a national grocery chain, two high-end hotels, more than 100,000 square feet of office, retail and restaurant space, an entertainment venue, 228 homes, and a riverwalk.
Developers say they plan to have signalized entrances on Colony Park Boulevard as well as entrances and exits on Sunnybrook Road. Concrete walls will also be built to reduce noise and light pollution.