MBJ Nov01 2013

Page 1

INSIDE — SpaceX to bring more innovation to Stennis Space Center

www.msbusiness.com

November 1, 2013 • Vol. 35, No. 44 • $1 • 20 pages

ECONOMIC DEVELOPMENT: JACKSON’S FARISH STREET Keeping our eye on...

Kelly Graeber

As the public relations specialist of the Oxford School District, Graeber’s days are packed with handling weekly communication operations within a growing student population spread across seven schools including a new high school.

Displaced developer: Project 'basis' gives edge in JRA fight

» Developer says he’s optimistic ‘city leadership and new mayor are going to get to the bottom of this.’ By TED CARTER I STAFF WRITER ted.carter@msbusiness.com

More newsmakers, P 6

Around town {P 7} » Mistletoe Marketplace the kickoff to the holiday shopping season Winners {P 8} » Architects celebrate the winners in their profession Lists {P 14} » Title Insurance Companies

David Watkins alleges Jackson Redevelopment Authority secretly recruited Farish Group minor partners to persuade Yates Co. to take over project By TED CARTER I STAFF WRITER ted.carter@msbusiness.com

Inside Biz {P 2} » Laurel Machine & Foundry grows by diversifying

WATKINS FRUSTRATED BUT HOPEFUL AMID FARISH STREET STRIFE

The 2008 effort to rescue the bankrupt Farish Street redevelopment project led Jackson's civic and government leaders to the doorstep of David Watkins, a local lawyer turned developer who was drawing acclaim for putting together an $89 million salvage of the long-abandoned King

Edward hotel. “They said take the goodwill you've built up with the King Edward and put it with Farish Street,” Watkins said in his first press interview since the Jackson Development Authority booted him from the project. “Finally, I agreed to it.” See

FARISH, Page 4

Though the first downtown block of Farish Street to its corner at East Griffith can be walked in a minute or so, the longest tape measure might not cover the distance between views of the main players on why the redevelopment effort has returned to its limbo state of 2008. But this time instead of the $1.5 million in debt, derelict block and unenforceable tenant leases left behind by Beale Street developer John Elkington's Performa Mississippi, the block has repaired water and sewer lines, brick pavement and new, historically correct building facades along its entire length. That progress — completed since granting of the master development lease in January 2010 — came far too slowly, the Jackson Redevelopment Authority said in grabbing back the project from David Watkins and the Farish Street Group, LLC, of which he is managing partner. The JRA has declined to address media questions about its Sept. 25 severing of the 45-year lease it had with Farish Street Group. However, in a court filing last week objecting to developer liens against the project, the redevelopment agency claimed that Watkins and his partners failed to meet certain deadlines included in the lease agreement. This failure “would constitute a default,” the JRA said. See WATKINS, Page 4

MBJ FOCUS: Insurance & Employee Benefits

How important are benefits ... ... to the employee and employer? Page 11


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