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PRESS RELEASES July 18, 2001 FOR IMMEDIATE RELEASE Officials with the Mississippi Development Authority announced today, a recreational facility located in Iuka would be the first project to benefit from the Mississippi Tourism Incentive program. The company, Tenn-Tom Marina, LLC., owned by, Willard Sparks and Paul Callens is improving its sports complex and docks with the renovation of Pickwick's, Tenn-Tom Marina, formerly Pickwick Cove Marina. Tenn-Tom Marina's capital investment of over $4 million qualifies for a 35% tax rebate under the provisions of the Mississippi Tourism Incentive program. Qualifying projects are family-oriented enterprises, located in a Tier One area with an initial capital investment of not less than $5,000,000 or a Tier Two area or a Tier Three area, with an initial capital investment of $3,000,000. The project is located in a Tier Two area. "We are pleased to have this opportunity to assist in the economic development of the Pickwick area. This project will assist in transforming the area into a year-round vacation destination," said J.C. Burns, executive director for the Mississippi Development Authority. Created as part of the Advantage Mississippi Initiative, passed during an extraordinary session of the Mississippi legislature last August, the Mississippi Tourism Incentive Program provides incentives to qualified developers of new or expanding family-oriented tourism projects, within the State of Mississippi. The Mississippi Tourism Incentive Program allows the sales tax paid by visitors to the eligible tourism project to be diverted to the developer to cover project costs and may include public and or privately owned facilities. The Mississippi Development Authority (MDA) creates economic growth and opportunity through the promotion and development of Mississippi as a tourism destination. MDA promotes Mississippi as a destination for business and leisure travel, and operates the State's Welcome Centers. ### Mollie Gregory |
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