Thursday, April 19, 2012

Old Capitol Green has not provided financial statements to county

The Hinds County Board of Supervisors discussed the Old Capitol Green project Monday. Blake Wallace, Director of Economic Development, told the supervisors there had been no movement on the project by Hinds County. Developer Full Spectrum is requesting $13 million in assistance from the county.

Mr. Wallace said he asked for financial statements from Full Spectrum "six months ago" and the company still has not submitted them to his office. He said the company provided pro forma statements but no actual financial statements. Supervisor Phil Fisher expressed concern over the delay in providing the statements. Mr. Wallace said there was still no agreement between Jackson and Full Spectrum for Jackson to guarantee the loan. Mr. Wallace also said Full Spectrum had not provided any lease agreements with tenants.

Full Spectrum representative Malcolm Sheppard addressed the board and said he was working on obtaining a $20 million loan from the Mississippi Development Authority. Mr. Sheppard never said anything about providing financial statements to the county but said the "information" had been provided to the JRA and the City of Jackson so it was "nothing new" and he had provided "the same information to Hinds County". However, sources told this correspondent "the information" was not financial statements. Mr. Sheppard said the project was "downsized". The number of residential units are reduced from 184 to 129. The commercial office building has been reduced from 225,000 square feet to 88,000 square feet. The parking garage is changed from 888 stalls to 480 to 525 stalls. Mr. Sheppard said "downsizing the facility" forced them to change the estimate and "the numbers" and that was "what we are working on now".

Start watching clip at 25:00. Mr. Wallace speaks first.


Discussion runs to 8:00 mark.


Opinion: This project isn't going to happen. Seems he is depending on a bunch of government bodies for all the money but somehow can't seem to provide any financial statements. Hmmmm...... Kountry Time anyone? Then there is the fact the dowtown Jackson vacancy rate is going to be 38% after AT&T moves out of the Landmark building. Ever heard of supply and demand? Downtown rents are going to be lower than what the project will probably need to succeed. What I'm hearing is a shell game with a bunch of government bodies and various forms of government funding. Someone doesn't provide financial statements as requested by the lender, something doesn't add up. This is just my opinion, mind you. Don't want to get sued for libel, you know.

4 comments:

Anonymous said...

Someone needs to really look into this project. It seems that it's all about public financing and loan guarantees from government entities. If it's such a fantastic project, then where are the private investors lining up to sink their wealth into an ever-shrinking office building.

I would say this is Harbor Walk, but it appears that at least there is a pretense of something happening here, unlike Harbor Walk, or Farish Street (ooooh!)

Anonymous said...

All of downtown Jackson April 19, 2012 10:21 AM is a 'Field of Taxpayer Ripoff Schemes'.

The ONLY player who paid their way was the former new building that Speed built.

Anonymous said...

Amen, 6:31.

Farish Street is an empty shell. Despite grandiose promises and assurance of a BB King club by now, they're no closer than this time last year and the city will end up floating loans that will be defaulted.

OCG has always been a sketchy undertaking. Mixed income housing and green buildings in a city where downtown office space is plentiful and housing is affordable and abundant. I always wondered who were the upper income folks who were going to leave Eastover or Bridgewater and move into a downtown development with hundreds of low income neighbors.

Convention center hotel is unnecessary. There is not enough activity at the convention center (another boondoggle) to supply a steady stream of out of town guests.

University Place...don't make me laugh.

Anonymous said...

So this is what? Another imaginary place for hip young urban professionals to live and work? Hey, maybe after work they can head down to Farish Street for drinks at B.B. King's Imaginary Blues Bar.

Imaginary Jackson is awesome!

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If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

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