Jackson Free Press

The Hinds County Board of Supervisors approved a tentative agreement today with the City of Jackson and New York City-based developers Full Spectrum Inc. establishing financial support for infrastructure related to the proposed Old Capitol Green development in downtown Jackson. The memorandum of understanding follows a 2009 state bill authorizing a $20 million loan for the long-delayed project.

The memorandum of understanding defines the city and county's respective contributions to the project, Full Spectrum Director of Development Malcolm Shepherd said.

Under the agreement, the county would provide Full Spectrum $20 million, using a loan from the Mississippi Development Authority, while the city would install water and sewer infrastructure to support the proposed mixed-use development.

"What we're asking the county to do is, if we need it, they would make (the loan) available for the parking garage or infrastructure for Old Capitol Green," Shepherd said.

Gov. Haley Barbour originally signed off on the bill for the MDA loan in March 2009, and Shepherd said that Full Spectrum has been working with the state, county and city since then to form the public-private partnership that is the basis for the MOU.

The Board of Supervisors made two changes to the proposed agreement emphasizing the county's discretion in granting the loan to Full Spectrum. Jackson Mayor Harvey Johnson Jr. and Full Spectrum must approve the county's changes before all parties can finalize the agreement. Shepherd said that delays in completing the MOU may push back the start of infrastructure work for a parking garage, the first phase of the development.

"Our schedule shows that we may be breaking ground by the end of the year," Shepherd said. "That would be my best guess based upon the delays that we've seen recently."

The board also threw its support today behind Johnson in his effort to get $6 million in state bonds for improvements to Jackson's water system. Johnson has called on state officials to approve the city's request--which the Legislature granted this year--after the state Bond Commission delayed voting on the city's proposal last month.

Supervisors voted unanimously to approve a resolution "recognizing and supporting the proposal by Mayor Harvey Johnson for wanting to upgrade the city of Jackson's water supply system with bond money."

Also see: $20 Million Loan Approved for Old Capitol Green