Jackson Jambalaya

Gotta love the "Coming Fall 2008" sign by the Lost Rabbit "town centre"

Chances are, they won't be able to get anything from this...if Lost Rabbit, LLC was willing to take a nearly $600,000 default, it probably has no assets to pay it off. I'll be interested in seeing where this goes, though.

Makes you wonder the behind the scenes. There's a case in South Carolina where two contractors sued a bank alleging that the bank knew the owner was busted but kept assuring the contractors they would get paid so that the contractors would finish job to make the bank's investment worth more.

Inevitable.

Lost Rabbit? More like Lost Cause.

A shame those two vendors are left holding the bag to the tune of nearly 2 mil in unpaid work. That hurts.

Anyone who bought out there, is in for a sad future.

somebody had to put a personal signature on those loans from banks or some banker is going down big time.

Lost Rabbit will be fine in the long run. It's a beautifully planned out neighborhood with lovely homes. The first home/lot owners out there will probably be left owing more than their homes/lots are worth, but that is the risk when you buy in a new subdivision, unfortunately.

wonder who is on the hook for the ground leases to the reservoir authority?

Umm, if the developers are broke, and the landscapers are owed money, just who will be in charge of the upkeep of the place now, including the empty lots? As for the leases, that could be a problem, too.

alot of these "who-villes" are going under. They were planned as upscale lifestyle living centers and those lifestyles were the first to take the hit. When you live on credit the dog will "catch it's tail" eventually. But the site is ideal and it will turn around in time. The one in Flowood got as far as digging the lake but last look, nothing else? But again in time it will come about.

"Once I built a tower to the sun, brick by brick now it's done, once I built a tower now it's done, brother can you spare a dime?" That's our story over here in ATL and it looks like youi guys have some examples to. Cept your city center in Jackson is doing quite well.......oh but I forgot, it's real.......

Kingfish,
I don't see any discussion of the Lost Rabbit Public Improvement District (PID). This was the "gerrymandered," after the fact, PID which excludes the lots already sold prior to 2008! Talking about a nightmare scenario where there could be two neighbors, one in the PID with huge special assessments, and one not in the PID and without any special assessment! But, they both have the benefit of the amenities. Interesting! And, I wonder what is the impact of the PID on property values?

CAN YOU FIND OUT IF THE PID BONDS HAVE BEEN ISSUED? IF SO, WHO IS ON THE HOOK IN CASE OF DEFAULT (guarantor?)?

3:00pm, I've got some waterfront property in Louisiana to sell you. You are hallucinating if you think these properties are going be "fine in the long run." Everybody involved in going to take a bath - this property will be a casebook study in the future of what NOT to do.

Sucker!

10:22am, the PID problem is a whole mess by itself. It used to be that you didn't go to jail in MS unless you used a gun to steal the money.

More than likely our dumbass Supervisors put the taxpayers of Madison County on the hook for this one too! The county already is unable to make the debt service payments on the PID that flopped with the Parkway East Development. I think that all of the taxpayers need to get together to file a class action lawsuit against the Supervisors for Failure of their Fiduciary Duty to the taxpayers! Additionally, remove them from office and hold a special election to replace them all. IDIOTS!!!!!!!!!