County will approve bonds for Old Capital Green, if given financial information
Published: May 29,2012
JACKSON — Hinds County has agreed to take on more bond debt to build a parking garage for a proposed $1 billion development if developers provide repeatedly requested financial information.
The Board of Supervisors narrowly voted to ask for $17 million in bonds if Full Spectrum South tells how much space is pre-leased, The Clarion-Ledger reported.
“We are very uncomfortable moving forward,” Hinds County Economic Development Authority executive director Blake Wallace said. “There has been ample time to provide the submittals. The only thing we have on file are projections.”
Full Spectrum has said about 80 percent of office space has been pre-leased. But Wallace said that for any project this big, he said, financial documents showing how much space has been pre-leased are needed so projected cash flow can be determined.
The county had earlier agreed to seek $13 million in state bonds for the project, called Old Capitol Green. The Jackson Redevelopment Authority had agreed to seek $4 million in financing.
The developer says a single loan would save it money. It wants the county to ask for the full $17 million in Mississippi Development Authority bonds.
The county has signed a confidentiality agreement requested by Full Spectrum, but had not received the information as of late last Friday, Wallace said.
Malcolm Shepherd, Full Spectrum’s development director, had said the information would be submitted last Friday. He said there was a delay in providing financial information because the project has been downsized. The parking garage initially was to have 800 parking spaces but is expected to be reduced to 450.
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