Cypress Centre Marketplace will receive some financial help from taxpayers by way of a tax increment financing plan, Vicksburg officials decided Tuesday.

The $25 million development, being built on South Frontage Road near The Home Depot, will feature hotel and restaurant space on 3.2 acres of land initially I. A second phase will include a 180,000-square-foot shopping center on 20.8 acres of land.

&#8220We don’t have a lot of vacant commercial land, so redevelopment is important,” said Jimmy Gouras, urban planning consultant.

Gouras said at the required public hearing Tuesday that the cost of redevelopment of land is high and tax increment financing helps developers meet costs.

The developers, Cypress Centre Marketplace, LLC, requested aid from the city and county governments totalling $1 million for the relocation of utilities and infrastructure improvements.

The developers received approval from the Warren County Board of Supervisors on Nov. 7. Gouras said the developers will receive no aid until the project is begun. As the project moves forward, the county will pledge 50 percent of projected real property tax increases on the land to repay the $1 million in infrastructure bonds. The city’s participation will entail a 100 percent pledge of its real property tax increases to service the bond debt. The city and county will participate together in the TIF, with the city as the issuer of the bonds.

No cash is advanced. Instead, the city and county will forego shares of the income that taxes on the increased property value will provide and that money will be used to repay the bonds until paid off. TIF has been used for numerous local developments, including The Home Depot in 2003. The county did not participate in that project, however.

Two series of bonds will be issued during the process. While the development is in phase I, $343,000 will be issued to the developers. When the development enters phase II, $647,000 will be issued.

Gouras said the project is expected to eventually generate over $300,000 a year in property taxes and bring 350-400 new jobs to the area.

Mayor Laurence Leyens said the property is vacant, generating very little taxes and the Cypress Centre developers are going to create jobs, sales tax and income tax with their development.

&#8220We’re creating jobs, commerce and property has a new value,” Leyens said. &#8220TIF financing makes all the sense in the world to me,” he said. &#8220I think this is a solid plan.”

In other business, the board: