Jackson Jambalaya

Time for an Old Capitol Green update. In case you forgot, the developer for the project came before the Hinds County Board of Supervisors asking for $17 million to build the parking garage. Keep in mind the site is over by Commerce and Silas Brown streets. The Supervisors at first balked because the county has been asking for some financial documents before it gives Full Spectrum one penny. The sort of documents any lender would ask for before lending $17 million: tax returns and audited financial statements for the last three years as well as commitment letters from tenants. The county has asked for this information for over six months yet Full Spectrum has done everything but let the county have a peek at its financial records. In other words, give us the money but don't worry about if we have any money or not, you can trust us.

The money is available through the Mississippi Development Authority. The legislature authorized MDA to provide up to $20 million to the county for the project. All Full Spectrum can see is $20 million as not one shovel of dirt has been turned but don't worry, they promise to start digging in August. The supes said enough, if you turn in the requested financial documents by last Friday at 5:00 PM, we will send a non-binding letter to MDA asking for the money. So Full Spectrum posted this message on its Facebook page yesterday:

"Old Capitol Green is moving forward! The developers submitted the required financial documentation to the Hinds County Board of Supervisors on Friday, May 25, 2012 before the 5pm deadline, as planned, and now it's full speed ahead! Thank you all for your continued support! We will continue to keep you posted on progress as it develops!"

Not so fast. Full Spectrum sent to the count a confidentiality agreement late Friday afternoon. It would not submit any financial records until the county signed the agreement. A bit redundant as the public records law already allows the county to keep such documents secret. Then right at 5:00 PM Friday, Full Spectrum turned in a bunch of documents. Thus no one had a chance to review them until yesterday. Over the last week, Full Spectrum has not exactly told the whole story. Let me count the ways. WLBT story

When pressed by the Supervisors last week for financial records, Malcolm Shepperd told the board he had already provided them to JRA and the city of Jackson. JRA informed this correspondent no such documents were ever submitted. Mr. Shepperd then offered this excuse to the Clarion-Ledger Sunday:

"Malcolm Shepherd, Full Spectrum's development director, had said the information would be submitted Friday. He said there was a delay in providing financial information because the project has been downsized. The parking garage initially was to have 800 parking spaces but is expected to be reduced to 450." Article

Oh really? What the heck does the size of a parking garage have to do with providing tax returns or income statements from two years ago? Does the parking garage affect his bank statements? Is there some reason a CPA can't audit his books if the project changes? Projects change all the time, basic lending requirements don't. The county is the lender and is doing what every lender should do: ask to see the books to see what kind of shape the developer is in before lending one dime of taxpayer money. More smoke and mirrors from Full Spectrum. Then there is this explanation last week to the Jackson Free Press:

"Malcolm Shepherd, development director of Full Spectrum South, said he has already received more letters of interest in renting retail space than the development will hold. Full Spectrum will not make any official deals with retailers until they break ground on construction, though, Shepherd said..."

Um, these are not commitment letters. But keep reading.

"Shepherd is working on the final step before the purchase of the property: a tax increment finance application. After the developers downsized the original plans for 1822 Square from the original $350-million proposal, Shepherd had to rework the value and size of the development for the application. He hopes the TIF will fund infrastructure improvements for the development.

"It is not an easy (application) to fill out. It's kind of complicated because they ask you questions that you have to calculate for them," Shepherd said earlier this month.

Shepherd said Monday that he finished the application and submitted it to Michael Davis, deputy director of the Jackson office of Economic Development, Friday, May 18. " Article

What TIF's? No TIF's have been mentioned at the meetings of the supervisors and I have every discussion recorded on video. I've talked to JRA and there are no TIF's. Notice how the story and Mr. Sheppard say nothing about asking for a $17 million loan from the county.

Anyone seeing a pattern?