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College Board Approves The Mill At MSU Development

"Efforts to bring this development to fruition on this site have been under way for about 10 years," said Keenum. "It has been a long and rocky road, as you well know. But our staff, working with the city, state and federal offices, the current private partner and others, have been persistent."

MSU purchased the John M. Stone Cotton Mill in 1965 and renamed it after the school's former superintendent of utilities, E.E. Cooley. The building was placed on the National Register of Historic Places in 1975.

In August, the state College Board approved a land-use agreement between MSU and the city of Starkville for the project's parking garage.

The prior agreement leased a 1.67-acre parcel on which a 450-space parking garage will be constructed to lease to the city for 10 years. The city will use an $8 million Community Development Block Grant from the Mississippi Development Authority to construct the facility. At the end of the lease, the garage will become MSU's property.

The August agreement provided that MSU and the city will equally share any profits generated from the garage and obligated the university to provide public parking space, including slots for the planned Cooley Center's conference and office space and the incoming Marriot hotel.

In April, the Starkville Board of Aldermen approved a 15-year, $3.25 million-maximum tax increment financing agreement associated with the project. The TIF utilizes 75 percent of ad valorem and sales tax returns for debt payments. Monies from the agreement will help pay for various infrastructure projects associated with The Mill at MSU.

For more information on Mississippi State University, visit www.msstate.edu.

This news release was issued on behalf of Newswise(TM). For more information, visit http://www.newswise.com.

Media Contact: Sid Salter ssalter@ur.msstate.eduNews Bureau 662-325-3442

SOURCE Mississippi State University

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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