Scarlet Pearl Casino Developers to Be Issued TIF Bonds by D’Iberville Council

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Officials from D’Iberville, South Mississippi are preparing a plan for the issuance of tax-increment financing bonds in order to support financially developers of the 18-story Scarlet Pearl Casino, which is to open doors by the end of the year. The city has been looking to the establishment of its first casino for more than 20 years now.

D’Iberville Mayor Rusty Quave revealed that he and the city council voted earlier this week to commence the issuance of the TIF bonds. The official pointed out that business does not “come and knock on your door” and developers need to be encouraged to pay for different community improvement projects. However, they would not agree on doing so without the city providing a proper TIF plan.

Mayor Quave also said that the D’Iberville council can grant Scarlet Pearl developers up to $14 million in bonds. Yet, city officials are likely to pay between $7 million and $10 million. The taxes that the casino would generate, once fully operational, would repay the issued bonds. A public hearing on the matter is to take place on September 15.

Frank Ellsworth, Senior Analyst at The Fine Point Group, who is in charge of the casino’s public relations, announced that it is on schedule for a late 2015 opening. Located near Interstate 110, the gambling venue is completely closed and air-conditioned in most of the areas. Currently, construction crews are painting and carpeting hotel rooms and are set to start work on the hotel’s lobby floor anytime soon.

The 18-story property is to feature a 4-star hotel, a 167,000-square-foot casino floor, and a number of other amenities aimed at drawing tourists from the state as well as from across the nation. The casino would operate a total of 40 table games and 1,350 slot machines. A 36-hole miniature golf course with a specially designed erupting volcano as its centerpiece is probably the most highly anticipated feature the hotel and casino complex would offer.

Once launched, Scarlet Pearl Casino is expected to employ permanently more than 1,200 people. Mr. Ellsworth told media that job fairs are to be held on September 23 and October 14.

Mayor Quave also revealed recently that certain developer have expressed interest in establishing a French Village-themed hotel complex, which is to be located not far from Scarlet Pearl Casino. He also said that city officials are determined to turn D’Iberville into a major tourist destination.

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