Hinds supervisors vote to increase Old Capitol Green loan - MSNewsNow.com - Jackson, MS

Hinds supervisors vote to increase Old Capitol Green loan

JACKSON, MS (Mississippi News Now) -

In three to five months, you should see ground broken at the old Trailways bus station on Jefferson Street for a parking garage for Old Capitol Green -- the retail and residential development project that's expected to encompass 14 city blocks on the eastern edge of Jackson's business district.

This week, the Hinds County Board of Supervisors voted to increase the loan to the developer, Full Spectrum, from $13 million to $17 million for that parking garage, contingent on Full Spectrum providing requested financial documents.

District 4 Supervisor Phil Fisher and Board President Robert Graham voted against it.

"Well, it's the parking garage to nowhere," Fisher says.

He fears the parking garage will lead to nowhere, because he's seen the delays in similar downtown projects like Farish Street and the Convention Center Hotel.

While we've seen renderings of Old Capitol Green for years, the Board of Supervisors hasn't gotten any financial particulars from Full Spectrum. Even Hinds County Economic Development Director Blake Wallace told the board he's not confident with the loan increase.

"Blake's hung up in the middle waiting for the information so he can look at their financials, see if they had the wherewithall to do what they're trying to do," Fisher says. "This should have all been done years ago. At this point, it's still not being done. We need to have this done, we need to know, then we can move forward with each phase of the project."

Full Spectrum Representative Malcolm Sheppard has assured the board, and 3 On Your Side, that the documents will be in the right hands by Friday, May 25.

Sheppard tells us, for the past few years they've been recruiting people into the development. He says submitting financial documents at this stage is not atypical in a large-scale project.

Full Spectrum tells us the garage will be built first because the area is in a flood plain, and an upper floor of the garage will open out to street-level shopping. Old Capitol Green, when completed, is expected to create 400 new jobs, and provide for at least 1,600 temporary construction jobs.

According to Sheppard and Carlton Arrendell, Full Spectrum Chief Investment Officer, over a 20-year period, Old Capitol Green should provide for $5 million in ad valorem taxes in Jackson and $3 million in ad valorem taxes for Hinds County. 

Copyright 2012 WLBT. All rights reserved.

 

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