The long-delayed Old Capitol Green downtown development project drew a little closer to fruition this morning.
With Supervisors Robert Graham and Doug Anderson absent and not voting, the Hinds County Board of Supervisors agreed to negotiate with developers to appropriate $13 million from a $20 million loan from the Mississippi Development Authority.
In August 2010, supervisors approved a tentative agreement 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. Under the agreement, the county would provide Full Spectrum $20 million, using a loan from the MDA, while the city would install water and sewer infrastructure to support the proposed mixed-use development.
Old Capitol Green covers 14 square blocks bordered by State, Jefferson, Commerce and Pearl streets. The plan includes space for offices, apartments, shops and restaurants. The deadlines Brown refers to are for New Market Tax Credits, a federal program that provides incentives to investors for equity investments in low-income communities. To get those credits, Full Spectrum needs a commitment from the city and county for infrastructure improvements.
The proposed buildings will be LEED Platinum, a rating that means the structures will meet the highest standards of sustainable building and energy efficiency. Brown said the first building in the development is already 75 percent tenanted, including office space for government agencies.
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