Developer David Watkins issued a press release asking the city of Jackson to reconsider its decision to terminate his role in the Farish Street project:
The developer of the Farish Street entertainment district, Watkins Development LLC, has requested that the Jackson Redevelopment Authority (J.R.A.) reconsider their recent decision to cancel the leases and parcels in that area, where Watkins has spent millions of dollars on the historic urban renewal project. In a 10 page letter to the J.R.A., copied to the bulk of City government, Watkins legal counsel, Lance Stevens of Jackson, presents a lengthy historical account of the company’s accomplishments and unforeseen obstacles on the project, as well as the financial fallout which would accompany the developer’s ouster. That letter is attached.
The press release and attached letter are posted below. Mr. Watkins argues he has been "in substantial compliance with the terms of the lease" and has spent "millions of dollars" on the project. He states the project will lose "over $5 million in tax credits and up to $4 million more in tourism tax rebates that evaporate if Watkins Development is not a participant." What is interesting is Mr. Watkins alleges he was not allowed to provide accurate updates to the city council under the previous administration. "Under the prior administration, we were advised to "stand down" and essentially, told not to appear before the council, to let the JRA staff and attorney speak on the project." (p.2).
Mr. Watkins also reveals he attempted to sell the developer role to Yates Construction for $6.4 million nearly a year ago. He accuses JRA of sabotaging the sale by conducting secret meetings with Yates. The developer also accuses JRA attorney Zach Taylor and others of preventing Mr. Watkins from presenting a "refined" comprehensive master plan to the JRA board in March 2013. The letter repeatedly states the investment by JRA in the project is zero while Watkins invested over $5 million.*
Kingfish note: It is important to note Mr. Watkins states over and over that he has not been allowed to present his updated plans to JRA. Tell you what, Mr. Watkins. I'll make a deal with you. Even though you've blown off this website before, I'll be a nice guy. You want to make your presentation? They don't allow to to give it to the city council or JRA board? No problem. Call me up. I'll bring the cameras over. You can make your presentation on camera and place it on this website along with all supporting documentation. Its called going over their heads to the people. JJ probably has the best educated readers out of any media outlet in Mississippi. You want your plan seen, put it here.
*The letter states other investments:
Watkins Development, LLC: $250,000
Robert Gibbs: $50,000
Dr. Claude Brunson: $50,000
Deuce McAllister: $50,000
Socrates Garrett: $50,000
Leroy Walker: $50,000
City of Jackson: 0
JRA: 0
MDA/CMPDD loan: $1,000,000
Subsequent investment:
Watkins and other 3rd parties: $6.6. million
MDA loans: $4.4 million
City: 0
JRA:0
15 comments:
Hey assholes. Othor. City has not hot a GD cent in this project. Nor the bogus JRA. And the $50 k put in by the BOGUS BOGUS Leroy Smokescreen McDonalds Walker and one other "investor" (deuce can you believe that) was a loan from Watkins to them just so Watkins could shut the black racists the f up.
Unreal. Go DAVID go. Expose those BOZOS.
Odd argument for Watkins to make.
Hey, reinstate me despite the fact that I've been trying to wholly or partially sell my way out of the project.
Meanwhile, Watkins Development is still in the hot seat on Retro Metro. Hopefully, that TOO, will become public soon.
You always suspected the thing was over-managed in a political way. Mayors have control on a lot of projects. Watkins Group was an invention of Harvey or A. Taylor's law firm perhaps.
I say give Watkins the job back and let him sell half of his interest.
Same ol' messianic complex. The pimps, propagandists and Prophet spun it hard. Watkins walks on water, Watkins walks on water, Watkins walks on water. King Edward, King Edward, King Edward. BOOM!
Fondren calling and I don't wanna shout
But while we were talking I saw you runnin' out
Don't trust him for a second. They were 85% complete two years ago.
This guy is a crook. Contractors in town refuse to work with him, because he never pays his bills. Even if he did have the money to it, he wouldn't be able to find a qualified person to do the work.
Hey David, Carlton Brown says "thanks" for proving he's not the world's biggest douchebag.
Hey David, when you have to loan people money to invest in your stupid project, isn't it kind of douchebaggy to call them losers who don't know anything about stuff this complicated?
What the??? Elkington and Proforma told you everything was tied up with a bow, and it really wasn't?
Non-douchebag lawyers do a thing called due diligence.
Hey David, can you clarify something? When you say you've put $5 million of your own money in the project, are talking about real dollars, or douchebag dollars that don't really exist?
This letter seens to present JRA, its lawyer and board in a bad light.Forget the fact that this is a bad project from the start,what is JRA really up to?
has anyone been down there lately? i'd be hard-pressed to say there's been 1 million of work, let alone 5 million. looks like some bums just broke out the copper pipes...
The truth is we just need a couple of clubs, Peaches, Red Apple, a pool hall, and a cab company down there. Fill the rest in with small residences.
um, where where did duce get $50,000 in the first place? He is dead broke, bankrupt, suing anyone he can for a buck but yet he has 50 grand to "invest" in that sewer called farish street?
Watkins loaned Duece the money. Can you not read? He loaned "Duce" $50k.
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