Developer financials still missing

Published: May. 28, 2012 at 5:29 PM CDT|Updated: Feb. 19, 2013 at 4:58 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

JACKSON, MS (Mississippi News Now) - Hinds County supervisors say they're still waiting for a downtown developer to submit their financial reports.

Last week, Old Capitol Green developer, Full Spectrum, agreed to submit financial plans by Friday, for a $17 million dollar loan from the county for a parking garage they plan to build.

Hinds District 1 supervisor Robert Graham says the county has not received anything in writing from the company.

Supervisors voted to increase their loan amount from $13 million to $17 million. So far, Full Spectrum has not told the county how they plan to repay the loan.

District 4 supervisor Phil Fisher, and supervisor Graham both voted against the loan increase.

"We want to make sure that they can guarantee the money or guarantee the loan and that we can pay that money back, or they can help us or they will pay us back through the county," said Graham. "We're at this particular point, being the Board of Supervisors of Hinds County, we have not seen any firm commitment that anyone has decided to sign on to this project."

Full Spectrum plans to build a multi-level parking garage on the site of the old Trailways bus station of Jefferson Street.

The development would have street level retail space on the upper level on Commerce Street. Supervisor Graham says he hasn't seen any plans or commitments from anyone seeking to lease that space.

Copyright 2012 WLBT. All rights reserved.