Hinds County has backed away from providing $17 million in bond financing for the Old Capitol Green multi-level parking garage. The sixteen block billion dollar development in Jackson has been plagued by a lack of financing and lease commitments for several years.
It is not all the developers fault. The timing of Old Capitol Green has been the real problem. After Hurricane Katrina in 2005 the government provided Gulf Opportunity Incentives for much of Mississippi. That set off a flurry of commercial development such as the Pinnacle Building in downtown Jackson that added a lot of office space. Then in 2008 the country had a financial meltdown.
I would love to see the Old Capitol Green development take off, but I am not sure there is the demand or the financing for the project at this point in time. As much as I support the project Hinds County is wise to take a long hard look before they commit any funding for Old Capitol Green.
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