Loss Prevention Services gets 10-year tax abatement

Published 10:34 am Wednesday, March 13, 2024

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NATCHEZ — The Natchez Board of Aldermen approved a 10-year tax abatement for Loss Prevention Services and Franklin Street Properties LLC at its meeting Tuesday morning.

Chandler Russ, executive director of Natchez Inc., made the request of the board on the company’s behalf, reporting that it had met and far exceeded each of its benchmarks for job creation.

“Loss Prevention has had a huge and important impact on downtown,” Russ said. “They have met and exceeded their goal of 200 jobs. In fact, they are well above 200 and I am currently working with Loss Prevention on future expansions as they continue to make significant investments in Natchez.

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Russ said Loss Prevention currently has an annual payroll of $6.878 million and has property to be exempted of ad valorem taxes of $4.3 million.

He said the Adams County Board of Supervisors has approved the exemption.

“They are working on a phase two expansion now. They continue to expand the facility there and are growing by leaps and bounds, so we are dedicated to seeing them grow and expand,” Russ said.

One of the company’s continued obstacles is having space for its employees to park.

“I applaud the city for approving the traffic study for downtown because this is an issue. I can’t tell you how important that is for continued growth of Loss Prevention Services,” he said.

Mayor Dan Gibson applauded Loss Prevention’s success.

“I am so proud of this company. It was the first actual large jobs announcement of this administration,” he said. “This tax abatement is a small price for the city to pay for a $7 million payroll and an occupied, improved building that was vacant. It’s a great day for Natchez.”