The Mississippi Senate has sent a bill authorizing the Mississippi Development Authority to make a $20 million loan to Hinds County to Gov. Haley Barbour for his signature.
The bill, co-sponsored by Sen. David Blount, D-Jackson, and several other legislators in cooperation with the Greater Jackson Chamber Partnership and Downtown Jackson Partners, authorizes the loan specifically for infrastructure improvements for the proposed Old Capital Green development. The planned $1.1 billion mixed-use project along Jefferson and Commerce streets in downtown Jackson will contain more than 4,000 residences when completed in 2016, according to developers Full Spectrum of New York.
"The loan will be repaid to the city/county by leveraging 75% of new taxes created by the private development, which will begin immediately after funds are secured and closed," said Downtown Jackson President Ben Allen in an e-mail thanking supporters of the bill.
"Ain't no 'I' in team," Allen wrote. "This proves it!"
Jackson native Malcolm Shepherd, who was responsible for bringing Full Spectrum into the Jackson development picture, believes Old Capitol Green will help retain some of the young "talent drain" that Mississippi has experienced over the years.
"Up until the last couple of years, people have been consistently leaving the Jackson city limits," Shepherd told BOOM Jackson magazine last summer, indicating the Jackson's urbanization is starting to take shape and keep young people interested in staying.
"We're on our way to creating our own big city. Our buildings won't be as tall, but we'll be able to spread out over a greater area and have room to grow," he said.
Previous Comments
- ID
- 144662
- Comment
I hope the governor goes ahead and signs the bill so that Jackson can really become the city it can be.
- Author
- golden eagle
- Date
- 2009-03-12T20:39:49-06:00
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