Saturday, July 23, 2016

JRA comes through for Westin Hotel project, Jackson guarantees bonds.

It appears the Jackson Redevelopment Authority managed to sell $9 million of urban renewal bonds to fund construction of the Westin Hotel project that had stalled.   An official statement was registered yesterday with EMMA* that stated eight maturities were sold.  The project's progress stopped last month as it awaited funding from JRA.





The Stimley-Brown Law Firm provided counsel to JRA for this transaction.  Pernilia Stimley-Brown is the aunt of Jackson City Council President Melvin Priester, Jr. and the sister of Charlene Priester. The financial adviser was Comcap Advisers (Community Capital division) of Memphis.  Jones Walker, LLLP served as bond counsel while Baker Donelson served as underwriter's counsel.

The bonds were sold in a series of transactions that took place from Wednesday to Friday.





One interesting item:  Page six reveals the existence of a contribution agreement between JRA and the city of Jackson:

Click on image to enlarge
The  2014 contribution agreement is spelled out on page 379.  Here is one section of the agreement:






*The Electronic Municipal Market Access system, or EMMA®, is the official repository for information on virtually all municipal bonds. EMMA provides free public access to official disclosures, trade data, credit ratings and other information about the municipal securities market.


21 comments:

Anonymous said...

So,the City of Jackson taxpayers are on the hook for the bonds if there is insufficient income to pay the principal and interest??

Anonymous said...

This is no big deal, all that will need to be done is to increase ad valorem taxes to cover these bonds.

Anonymous said...

Welcome to Galeria Parkway.

Pappy O'Daniel said...

Who in the hell would buy a JRA bond...oh yeah, PERS... as long as there weren't any negative interest Japanese bonds available.

C-L Jackson Jambalaya Monitoring Desk said...

Thanks! We are going to so rip you off on this research Kingfish. Sam R Hall put out an edict at our recent staff meeting to scour the local web for content to "appropriate". His words, not mine.

Anonymous said...

70% of all Taxes paid to Jackson is from Northeast Jackson which is over 60% white. So, the city government don't mind raising taxes at all. This is called retribution for the past.

Anonymous said...

If this was such an awesome idea, private investors would have already jumped in; any time a project like this has to be stilted by taxpayer money it is bound to fail. I hope I am proven wrong as Jackson could really use a win.

Anonymous said...

Wonder if they will fund a monorail next? It could go to the airport and the Capitol.

Anonymous said...

6:59, There is only about one square mile in Jackson that is 60% white but still they pay most of the taxes.

Anonymous said...

I am a black Jacksonian. I wish that black Jacksonians had the kinds of jobs and careers that the white Jacksonians living in that "one square mile" have. We would be all too happy to pay our fair of taxes to enable the City to provide efficient and effective fire, police, and other essential services.

Stop the hate and the stupid divisive rhetoric.

Most of us have the same issues and concerns about the failed leadership with this city as you.

The black citizens want positive change for Jackson. We hate the corruption, the cronyism, the moral failure of our elected officials, but we don't have a loud voice, because we lack your financial resources.

White Jackson needs to unite with those of us who truly want to make Jackson a city to be admired. Stop giving campaign contributions to Tony Yarber and allowing him another chance to bury this city.

I read all of the bull about black Jacksonians want to keep the white man out of Jackson; want to support criminals; want to hurt law enforcement officers; don't want to care for their property, don't want to work; love being on welfare; etc. etc.

Black people are no different than white people. We are caring, loving, giving people. We have the same fears as you, but we have so much to fear. We hate crime, but equally we abhor injustice. We want the same educational and financial success for our families, but we are so much less likely to achieve it. This is not for a lack of effort, but for a lack of opportunity. Many of you are saying, "you have affirmative action, minority set-asides, equal access". What a joke! We would gladly give back the 5% set-asides for an opportunity to compete for the prime contract.

We want to have and maintain nice communities, but we need your financial resources and your political clout to usher in leadership that can bring about revolutionary, transformative government.

Thank you for helping to rid this city of Harvey Johnson, but you did not do your due diligence when you decided to support Yarber. Let us work together to get rid of him and to find a true public servant who wants to see and knows how to make Jackson to city to be admired.

Black Jacksonians don't view white Jacksonians as our enemies. We have seen the enemy and looked him in the eye. The enemy we see is greed, ignorance, corruption, distrust, complacency, and a plethora of sins.

Let's rebuild Jackson together and show the world how it is done. So please stop misrepresenting that black Jacksonians don't care about people on the other side of the tracks. Please Stop the divisive rhetoric.

Kingfish said...

What is the evidence for the claim that one square mile of Jackson pays XXX of the property taxes? Or that NE Jackson pays the lion's share? Are there any numbers or reports out there that document such facts?

Anonymous said...

11:19,
The only thing stopping black Jacksonians from getting the same jobs as white Jacksonians is the blacks Jacksonians themselves.

Take a good look and listen to the Jackson city council. You might hear some hate and the stupid divisive rhetoric there.

The leadership of Jackson are the people the Jacksonians pick to lead them. People out of the city of Jackson do not have anything to do with them.

The financial support of those people not living in the city of Jackson has nothing to do with the people the citizens of Jackson elect.

Again, listen to the Jackson city council. Do you remember the suggestion one city council member gave for law enforcement who chased criminals into the city limits?

Drive down any street in south Jackson and look at the houses. I used to live there. When I lived there the houses were well kept up, lawns neat, streets smooth, no garbage and wrecked cars littering the area. Take a look at it now.

" We want the same educational and financial success for our families, but we are so much less likely to achieve it. This is not for a lack of effort, but for a lack of opportunity." The same schools that were there years ago are still there and still available for anyone who wants an education. They will even feed the kids free meals and send a sack lunch home for snacks. The opportunity is there, you just have to work for it the same as white people do.

Don't you think white people hate what Jackson has become? It is the capital city. Just look around to what has happened to the city. We can see what happens to any tax money the city happens to get. The leadership is more interested in lining their pockets and the pockets of their friends. The people of Jackson elect these people. You cannot blame the lack of honest leadership on the white people, we did not elect the leaders of Jackson.

It would be a start if the parents in Jackson would educate their kids. The schools are there and free. It would help if there were actually two parents to raise the children. You need to stop making excuses and blaming the white people. If you would put forth the same effort in getting an education as you do in blaming people for your lack of it there might be a difference.


Anonymous said...

12:10,
You truly don't understand certain realities of our political system if you don't believe that the money from NE Jackson is what put Tony Yarber in office. Yarber was able to run a campaign of deception because he was able to place Get Out The Vote money in the hands of skilled political operatives. He was able to plaster the landscape with his signs and push cards. He was able to dominate the airwaves with his commercials.

While I believe Yarber was very "resourceful" when it came to raising funds for his campaign, NE Jackson gave him the seed money...and access to more.

When the race became a two-person contest between Yarber and Lamumba, NE Jackson fled to Yarber. Yes, you gave us this mayor. In a closely contested election, the NE Jackson vote was the deciding vote.

If I were you, I guess I would blame it all on the black voters too.

Anonymous said...

11:19 = keynote speaker for the Us vs. Them unity festival??

Anonymous said...

11:19 - "..We want to have and maintain nice communities, but we need your financial resources and your political clout to usher in leadership that can bring about revolutionary, transformative government.

You, no doubt, want the $$ but you know good and well there's no political clout left for such a small 'minority' of the white voting bloc in Jackson. Assuming you're a man, you might start in your neighborhood and find other 'men' and instill in them the need to marry their women, be a dad to their kids, become involved in church and school matters in order to create stronger fabric in your world. I sense (if they had your intellect) this would make a tremendous difference.

11:19 "Thank you for helping to rid this city of Harvey Johnson, but you did not do your due diligence when you decided to support Yarber.

Did you not see who was running against him? Apparently the white folks couldn't pick out the 'right one' that you knew was best. BTW, who do you think 'we' should've backed?

11:19 "Let us work together to get rid of him and to find a true public servant who wants to see and knows how to make Jackson to city to be admired."

Totally agree with this one... but then again, we're such a small voting bloc.

Kingfish said...

Who was available?

Priester: Backed by Bennie. Maybe you forgot 2013 where Bennie led the charge in attacking white people.

Lumumba? Um, ok.

Harvey: Nobody wanted him in office. Got less than 2,000 votes. No one.

Horhn? Poorly organized campaign at first. Had the DUI cloud over him.

who else ran who was a serious candidate?

Priester won more white precincts than Yarber in primary. Keep in mind whites are only 18% or so of the voters although they lead in turnout. No one can win with white vote. A successful candidate needs a huge chunk of black vote as well.

Funny part is, look at the current incumbent's hiring and appointments. Doesn't reflect what your post claims, does it?

Kingfish said...

All right, now get back to the subject of the post.

Anonymous said...

Urban Development 101: Private investments and gentrification are the answers.

Anonymous said...

I agree 3:59. No gentrification = continued decay and slime.

Anonymous said...

You truly don't understand certain realities of our political system ...

You appear to be the one lacking complete understanding @1:10 PM.

Convinced by Chuckwe's ideological Kushniks and "Jackson Rising" palace eunuchs that he was the heir apparent Lubumafoo Jr. campaigned only as hard as if his princely coronation was merely a formality.

NEJackson didn't flee to Yarber, they said NO to a complete neophyte who would have been totally controlled by his father's sycophants and imported Detroit rejects.

Antar Greenhorn doesn't have a clue about Jackbekistan politics and neither do you. Only a matter of time until the soiled laundry from BabaChuckmeister's short time in office gets put out on the line for all to see.

Antar doesn't even make the runoff.

PittPanther said...

How quickly we forgot about Johnathon Lee...

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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


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Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

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!!!

This is definitely a Beaver production.

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