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 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:
So,the City of Jackson taxpayers are on the hook for the bonds if there is insufficient income to pay the principal and interest??
This is no big deal, all that will need to be done is to increase ad valorem taxes to cover these bonds.
Welcome to Galeria Parkway.
Who in the hell would buy a JRA bond...oh yeah, PERS... as long as there weren't any negative interest Japanese bonds available.
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.
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.
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.
Wonder if they will fund a monorail next? It could go to the airport and the Capitol.
6:59, There is only about one square mile in Jackson that is 60% white but still they pay most of the taxes.
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.
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?
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.
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.
11:19 = keynote speaker for the Us vs. Them unity festival??
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.
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?
All right, now get back to the subject of the post.
Urban Development 101: Private investments and gentrification are the answers.
I agree 3:59. No gentrification = continued decay and slime.
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.
How quickly we forgot about Johnathon Lee...
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