Company seeks tax break from city to repair apartments twice damaged by fire
Published 2:37 pm Monday, December 12, 2022
The new owners of the Provincial Gardens Apartments are seeking a seven-year tax abatement from the city of Vicksburg to repair and rehabilitate the 48-unit complex that was twice damaged by fire.
According to the application by Eastbank Apartments LLC, the company estimates making a $1.2 million investment in the project, which began in November and is expected to be completed in November 2023. The Vicksburg Board of Mayor and Aldermen approved the company’s application on Friday.
The total amount of the tax break on the property has not been determined, pending reappraisal. When the new appraisal is completed, the tax break will be on the increase in the value of the building.
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That means if the apartment complex has a present value of $1,000 and the value goes up to $5,000, the additional $4,000 will not be taxed for seven years. The city will get the property tax revenue on the present $1,000 value during the abatement period.
The Warren County Board of Supervisors must still approve the tax abatement.
Fernanda Hamlin, a managing member for Eastbank, said the company acquired Provincial Gardens in March, adding the complex will be renamed the Eastbank Apartments.
Fires damaged the apartment complex in January and December 2021.
Hamlin said the previous owners repaired and renovated the damage from the January fire. She said Eastbank is repairing the damage from the December 2021 fire, “but the renovations will be across the entire property so that everything will be new across the entire property.”
She said the company also plans to build a dog park and playground area for children, but that will come later.
“The main thing is to get the property repaired and ultimately rented out and as we progress through that, those will be some of the finishing touches,” she said.