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City Continues Support of Commercial Street

Article Date: 
25 March, 2011 (All day)

 

Morgan City is continuing its unflagging support for businesses who are willing to invest in Commercial Street and help bring the street back to life.  The latest to step in and invest in Commercial Street is Morgan Physical Therapy.  The business purchased the old Variety Store and is now in process of remodeling the building for their use.  The city enticed the business, in part, by holding out the possibility of incentives.  

Over the past several months the city has approved Redevelopment Agency monies to help other businesses on Commercial Street to make improvements.  The budget situation with the City caused the decision to provide funding to Morgan Physical Therapy to be pushed into the next fiscal year for the City which begins July 1.  

The city council, however, expressed support to help the business with approximately $20,000.  Morgan Physical Therapy was asked to work with the County assessor to determine the additional property tax that will be charged on the building and the personal property inside of it once construction is completed.  Providing funding based on incremental tax revenues is one of the ways cities are allowed to provide direct funding to businesses.

Morgan City has been successful in attracting businesses to Commercial Street over the past year.  New businesses on Commercial Street include Scud’s Fly and Tackle, The Morgan County News, Little Thunder Custom Ts, and Zanadu.  Morgan Physical Therapy will now also add to the rebuilding effort.  They expect to have improvements complete and be ready to open in May.