February 24, 2009

AN ECONOMIC DEVELOPMENT PROJECT THAT CAN WORK

In these challenging economic times, a person would wonder if any new development project in our regional area has a realistic opportunity to succeed.  Declining markets and eroding consumer confidence stories abound.  Our regional economy is not immune to this global situation.  While we may not be suffering as much as others across our nation, our prayers go out to those local businesses and lives affected by this economic crisis.  However, we continue to witness success stories.  Our organization has participated in 10 ribbon cuttings/grand openings in just the past couple of weeks alone.  These occasions covered all three of the core counties in our region.  Furthermore, certain existing employers have made us aware of positions they are looking to hire, giving hope to those who have been less fortunate at other businesses.  It is tough, but there are still opportunities. 

Small victories are good, but will we see any major projects during these times?  I believe the answer is a definite “yes”!  One such development is the project known as OLD CAPITOL GREEN.  This development initiative is to be located in downtown Jackson on the property south of Pearl Street, where Hal and Mal’s exist.  The first phase of the project encompasses an area with Pearl Street on the north, Jefferson and State on the east and west, and Court Street on the south.  It would be the first impression many people will have of not only our state capital, but Mississippi as well.  Within this space, there are plans for attractive office and commercial space, and substantial residential offerings in an environmentally pleasing and aesthetical setting.  The construction jobs would reach nearly 1,200, with more than 2,100 permanent jobs on site and twice that number created in the region by presence of the project.

Can this really happen?  The developer, Full Spectrum, has done an excellent job of holding its funding for the project in place.  The key issue at this point is local government being able to put the necessary infrastructure in place to handle the development.  These infrastructure improvements are normal obligations of local government.  However, we all know governmental budgets are strapped.  In this case, we need the State to extend a loan to Hinds County and the City of Jackson.  That loan would be repaid by the incremental increase in taxes and revenues generated by the Old Capitol Green development.  In this case, it takes state legislation for the loan.  Bipartisan support, including state elected leadership is encouraging.   

The decision is eminent. If you believe this project is exciting and will become the new “Front Door to Mississippi”, please join us in the effort to pass Senate Bill 3281.  If you need more information, call us. If you see the benefits, call your legislator and urge them to support this economic development project.