The Hinds County Board of Supervisors voted 3-1 yesterday to withdraw financial support for the construction of a parking garage for the Old Capitol Green project. Supervisor Phil Fisher moved to deny $17 million after the board discussed the project in executive session. Supervisor Kenneth Stokes said citizens were complaining about unemployment and economic development in neighboring counties. Mr. Stokes still maintains his opposition to the Byram-Clinton corridor project. Full Spectrum is the developer for the project.
Full Spectrum did not show any commitment letters from prospective tenants for the project. The decision yesterday only affects the parking garage, not the rest of the project. The board of directors for the Hinds County Department of Economic Development voted 8-2 on May 30 to recommend the county reject a $17 million loan request from Old Capitol Green developer Full Spectrum. Full Spectrum planned to finance the construction of a parking garage project with the loan. However, the company did not submit required financial documents to the county as requested for over six months. The Board of Supervisors will decide whether to extend the loan to Full Spectrum.
Old Capitol Green is a mixed-use development that is supposed to be environmentally friendly. The Mississippi Development Authority provided $20 million in funds originating from bonds to Hinds County. Hinds County in turn has the authority to lend the money to Full Spectrum to build the parking garage. It's not just any parking garage either, it's over 400 spaces with robots.
Full Spectrum representative Malcolm Sheppard requested $13 million from the county earlier this year but increased the request to $17 million in May. He said the Jackson Redevelopment Authority suggested Full Spectrum obtain the additional $4 million from Hinds County instead of borrowing it from JRA. Mr. Sheppard said JRA would then purchase the garage after the new market tax credit period expired. Mr. Sheppard said consolidating the two loans into one loan would be cheaper for his company. No work has begun on the project, although Full Spectrum said construction will begin in August.
The Hinds County Board of Supervisors voted in May to send a letter to MDA requesting the money to loan to Full Spectrum. However, the board stated in the resolution it would only do so if the developer provided the requested financial documents. The requested financial documents were commitment letters from prospective tenants, as well as tax returns and audited financial statements for the last three years*. Sources tell JJ Full Spectrum provided letters of interest (which are not commitment letters) and other financial documents to HCDED. However, the agency declined to recommend approval of the request after further review of the financial statements. It is not known whether Full Spectrum did not present all of the documents or if the financial condition of the company did not withstand review by the board. The board discussed the project for over an hour in executive session before it voted to send a letter to Hinds County attorney Crystal Martin stating its recommendation.
Editorial comment: About time the board did this. Fancy drawings and fancy promises are the extent of the Old Capitol Green project. The developers refused to provide any financial statements, (balance sheet and income statements), and tax returns for the last three years, until the county threatened to withdraw support. No commitment letters from tenants have been provided nor has any construction begun. The county had no business getting involved in Old Capitol Green. Check out the interview with Mr. Fisher in the second clip. Reporter didn't like being on camera. ;-)
Tuesday, July 17, 2012
Supes pull out of Old Capitol Green (Video)
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45 comments:
I don't understand the comment about Stokes saying 'citizens' were complaining about unemployment and economic development in adjoining counties? What the hell would people in Stokes' district know about economic development in any counties? Or unemployment? And if they did, how is this relevant to Capitol/al Green?
The Old Cap Pipe Dream is nothing more than another taxpayer ripoff scheme proposed for the downtown business red-ink district.
The incremental net tax receipts tell the tale. There aren't any.
The downtown Jackson redevelopment effort is a colossal economic failure.
Robots?
Yes, your car was going to be parked by a robot.
Will the robots now be able to collect unemployment benefits?
Parking similar to that in Mission Impossible, Ghost Protocol. HA.
New market tax credits = Corporate welfare.
First Kingfish makes people prove they're not robots ~ Now we've got robots being denied opportunities in downtown Jackson. Why the anger?
Downtown living is coming and its going to be fun, not just for the young professional, but the retires also. But, perhaps this project was over-reaching and needed to be considered in phases, and implemented with some of the developers' own money. The location is good and some of this should start soon, if Entergy can let someone else begin.
To Anon 10:11:
Huh?
Taxpayer subsidized downtown living. Take away the funny money tax scheme giveaways and few, even among the affluent, could afford the rents needed to actually finance the projects. Sec8 housing for the creative groupniks.
10:30 you are either certifiably stupid or ignorant. Do you REALLY think Jackson has "invented" the type financing being used for downtown residential development? Do you live in a cacoon or vacuum?
Do you think Little Rock, Chattanooga, Baton Rouge, Memphis et al don't use creative financing?
Would those cities be better off NOT using "taxpayer subsidized downtown living" and return to the total and complete ratholes they were 30 years ago, and where we were a few years ago?
You are a consistent negative SH.
G F Y.
At least moths build their own "cacoon" and not depend on governmental money for something the government wouldn't own or see a profit from.
11:31...You didn't answer the question...
"Would those cities be better off NOT using "taxpayer subsidized downtown living" and return to the total and complete ratholes they were 30 years ago, and where we were a few years ago?"
Take your negative shift and go F ys, "ironghost" lmao
Excuse me, but creative financing and "taxpayer subsidized . . . living" are precisely the two things that brought us the housing crisis. Full Spectrum was asking for a "no money down" mortgage from Joe Taxpayer. That's the point of their crappy financials -- they had zero skin in the game. Thank God our supes finally saw the light.
11:47
The cities that you, and others like you, continue to use as examples all had something of value to market. Little Rock has the river, all the bridges spanning it, and a strip that stretches for 12 blocks along the river. They've got a Presidential Library. Memphis has the Mississippi River, more than a million people living in the area, Beale Street, etc. Chattanooga has TWO rivers, a large downtown area, ball park, etc.
Jackson's got a ONE block stretch that is supposed to be the new blues club mecca. Maybe the residents of the Capitol Green can take that scenic walk along Jefferson Street, yeah, baby. Even if the One/Two Lakes project gets built, it's across the Interstate, away from that Gold-Plated Farish Street area. Rankin County would benefit more than downtown.
12:35, 11:47 here. You are exactly correct. We agree. OCG is and has been a shell game, and nothing like the KE/SL.
12:54 you keep opening your mouth and proving how little you now about development.
"The cities that you, and others like you, continue to use as examples all had something of value to market. Little Rock has the river, all the bridges spanning it, and a strip that stretches for 12 blocks along the river. They've got a Presidential Library. Memphis has the Mississippi River, more than a million people living in the area, Beale Street, etc. Chattanooga has TWO rivers, a large downtown area, ball park, etc"
You assume all of this happened overnight. You are too ignorant to argue with. Your tunnel vision is why you hicks in Mississippi are last in everything. I used to live there. Attitudes like yours make me thank God I don't anymore.
Enjoy your sad, insignificant place in life.
All right, everyone knock off the personal insults.
12:35...
"Thank God our supes finally saw the light."
Bullshit. Blake WALLACE saw the light and led the supes to it. Other than Phil Fisher, they could not even define a revenue bond for you.
They are mental midgets and children.
The fact that "Beale Street Developer" doesn't have any skin in this game, doesn't live here and thanks God he doesn't, makes anything he says irrelevant.
Doesn't change the fact that Jackson does not have what the other cities had prior to their revitalization. As far as the name calling, I'm a big boy, doesn't bother me at all.
My skin is liquid assets of over $21MM, after I left that perpetual shithole you people call home. You, in my opinion, do not have the collective mental capacity to pull off a Memphis or a Chattanooga. Both were crap 30 years ago, but they have the IQ and vision to succeed.
You bozos are too happy eating
your own, when they actually TRY to do something.
Pathetic you all are.
T G I GONE!
Beale street, I understand where you are coming from but I think its perfectly legit to ask someone for balance sheet, income statement, and tax returns before lending him $17 million. Oh, and commitment letters too.
"Doesn't change the fact that Jackson does not have what the other cities had prior to their revitalization."
What a stupid thing to say.
So, Beale Street
You've got $21MM? But, you've still got time, and interest, to lecture us po little hicks, down heah in our little slice of shithole heaven. Right, of course you do. We alllllll believe that. hahahahhahahahha
Didn't sound like a lecture to me. Sounded like the hard truth for so many if you mentally negative invalids.
Definition of 'Liquid Asset'
An asset that can be converted into cash quickly and with minimal impact to the price received. Liquid assets are generally regarded in the same light as cash because their prices are relatively stable when they are sold on the open market.
The downtown Jackson redevelopment effort is a colossal economic failure.
That sums it up 8:12 AM.
4:45...NOW THAT WAS DEEP. CONGRATULATIONS ON SUCH A WELL THOUGHT OUT RHETORICAL, PREDICTABLE RESPONSE.
Yes it is a LOT worse downtown than it was 10 years ago, hell even 5.
Little man.
Hey 4:45. answer the question....Is Jackson and the state better off WITH or WITHOUT the KE/SL?
Answer the question.
We have the Sweet Reeves Tater Queens
parading around Brent's Drug Store in golf
carts decorated by Gay/Lesbian clubs and
financed by the Mississippi Illegal alien groups.
Yeah that'll bring in tourists and investors.
No wonder Alcorn pulled out of the
"Capitol City Classic" .
Kingfish said...
All right, everyone knock off the personal insults.
Indeed; those are reserved for Kingfish.
The view behind the Old Capitol is spectacular !
If Harvey could only do a better job of hiding the wino/crackheads that sleep around the old bus station.
BTW , where are all the food trucks ?
How about a 17mm dollar bond to repair the roads in the County instead of a parking garage . This people don't get it
The food trucks look to be as elusive as the downtown ROI.
This is not a personal insult, rather an observation: I can't decide if Beal Street is more full of himself or shit.
Will SOMEBODY please answer the question posed at 5:15? Somebody, ANYBODY answer the GD question.
The question @ 5:15 seeks an answer to a fallacious false dilemma argument. That could be why no one responds. You might want to go back and review what constitutes a fallacy. While you're at it reacquaint yourself with the definition of ad hominem attacks.
Will SOMEBODY please answer the question posed at 5:15? Somebody, ANYBODY answer the GD question.
9:35 no one will answer it because it is too painful for them to recognize how awesome both are.
This is JJ, where every commentor is a millionaire, marries a 10, and every supermodel is only a 6.
12:29 no one will answer it because it is too painful for them to recognize how awesome both are.
5:15 It doesn't matter either way. They are totally irrelevant to me and most others I know.
Did Bealy Boy leave as he threatened? Thank (insert you deity here)!
12:29 no one will answer it because it is too painful for them to recognize how awesome both are.
"most others I know."
LMAO. "MOST OTHERS I KNOW"
HAHAHAHAHAHAHA
PHUCKING KID....
Poor little anonymous Napoleon @ 6:36.
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