Wednesday, December 30, 2009

Jackson approves selling $2.1 million in TIF bonds

The Jackson City Council approved the issuance of $2.1 million in TIF bonds to assist in the development of the Forest Hill and Cedar Lake areas off of Forest Hill Road. The bonds will "support the infrastructure improvements in support of the Project". Such improvements include water, sewer, electricity, landscaping of rights of way, and other items. The plan states the project shall be a mixed-use of commercial and residential development. It calls for extending Timber Falls Parkway to Raymond Road and straightening the "dead man's curve" on Forest Hill Road.

We know what the cost is: $2.1 million in TIF bonds. What is the benefit? The plan states the benefit will be the "creation of construction jobs over a 36-month period", "the creation of additional permanent jobs", and additional annual tax revenue to the City of $153,446 and $39,902 to Hinds County. The terms of the bond are to be twenty years or less.

JJ has obtained a copy of the TIF (Tax Increment Financing) Plan and made it available for your review (see exhibit B.). Copy of TIF plan. By the way, there is one piece of information missing from the TIF plan. Anyone want to guess what it is?


Anonymous said...

$1.77 MILLION in financing costs. Staggering.

Kingfish said...

I missed that. where did ya see it? Thanks.

Anonymous said...

(Incremental (annual) ad val (city + county) collections * term) minus principal.

TIFs cost taxpayers more money than other borrowing options available for these types of infrastructure improvements.

But nobody really wants to talk about that.

Anonymous said...

As for what is missing. There is a heap of fees, costs and spiffs payable for professional services to any number of Tom, Dick, Harry and Bettys -- likely including City Attorney Teeuwissen -- buried in each one of those TIF deals for which no schedule or detailed listing is provided to the public, or, at least not in the documents they provided to you.

What is really a travesty for Jackson taxpayers is that those add-ons are non-recurring costs that get rolled into the bond deal. In other words, while Jacksonians will realize the benefits from the infrastructure for decades to come the fee, cost or spiff is a one-time benefit only. So Attorney Z receives a fee for services rendered during the process but that one-time benefit (expense) gets paid out of bond proceeds to be recouped with interest by the incremental ad val for 20 years.

As for Attorney Teeuwissen, when this was Melton we know the JFP raised hell and spewed fury for months to acquire a copy of SORE's contract. No surprise that they haven't rushed out to publish Pieter's to see if he is getting a similar happy payment for the bonds. David Watkins got a piece of the JPS bond action for all the years he served as their attorney. No different arrangement than what was provided for in SORE's contract.

The Timber Falls developers should have gotten approval for a neighborhood convenience store in their plan. Then they could have also asked for a kick back of sales taxes for 10 years so that they, ostensibly, could break even. They obviously weren't paying attention to the other scams being played in the city.

Kingfish said...

Well guess what? I filed a public records request yesterday for a listing of all attorneys, law firms, bond advisers, and similar parties getting fees from these bonds and also a schedule of their fees and/or projected fees.

Douglas said...

What you ought to publish Mr. Kingfish is the tax increment financing plan for River Hills. If ever there has been a taking of public tax dollars for private gain that one is it.

Anonymous said...

The current city attorney is not receiving any fees from this TIF or any other City bond deals. That arrangement was retired with Ms. Evans.

Anonymous said...

Thanks, Kingfish for all the information that U have provided during the past year !!!

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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.

Note: Security provided by INS.

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.

Note: Security provided by INS