MBJ Oct04 2013

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October 4, 2013 • Vol. 35, No. 40 • $1 • 24 pages

ECONOMIC DEVELOPMENT

Brown to lead agency Ashli Brown has been named state chemist and director of the Mississippi State Chemical Laboratory

Business Improvement District seen as possible Rx for County Line retail HIGH TRAVELED RIDGEWOOD DRIVE CORNER LOSES WALGREENS

More newsmakers, P 19

Around town {P 2} » Mississippi scientists work on making nerve agents obsolete Strictly Biz {P 22} » Lane Furniture in play The List {P 17-18} » SBA Approved Lenders

By TED CARTER I STAFF WRITER ted.carter@msbusiness.com

TACY RAYBURN / MBJ

A view down County Line Road with Jackson on the right and Ridgeland on the left.

A BID would create “a city within a city,” Ridgeland community development chief says

By TED CARTER I STAFF WRITER ted.carter@msbusiness.com

Inside Biz {P 3} » High-tech jobs come along with new Tunica automotive plant

Ridgeland and Jackson economic development planners are taking a hard look at ways to inject new vitality into the County Line Road retail corridor shared by the two cities.

A Business Improvement District, or BID, is

among the options under study for a shopping district that will soon lose a Sam’s Club on the west end and a Kroger supermarket on the east end.

The BID established for Ridgeland’s Colony Park area has helped to make the corridor an inviting retail destination and could prove effective for

Today’s sale revenue demands can render even a heavily traveled intersection such as the Ridgewood Road and Ridgewood Court corner less than satisfactory.

Such was apparently the case with the recent closure of the Walgreens at 6308 Ridgewood Court. That store has relocated to the south corner of Pear Orchard and County Line roads, a move See WALGREENS, Page 4

TACY RAYBURN / MBJ

Vacant old Walgreens

See BID, Page 4

MBJ FOCUS: Banking & Finance

FINGERTIP BANKING Trend is moving toward more smartphone access Page 10

2 I Mississippi Business Journal I October 4, 2013

RESEARCH

Finding an antidote

Protecting children from nerve agents

» Scientists work on making nerve agents obsolete

BY WALLY NORTHWAY I STAFF WRITER wally.northway@msbusiness.com

While the world has been tensely watching Syria and its use and supply of chemical weapons, a group of Mississippi scientists has been quietly working on a project that could render those weapons obsolete in the future.

Researchers at Mississippi State University are in the second year of work on an antidote that promises to stop nerve agents’ effect on the body before it does any damage to the victim.

"We are extremely excited about the potential of this work," said Dr. Jan Chambers, a Giles Distinguished Professor and director of the Mississippi State University College of Veterinary Medicine’s Center for Environmental Health Sciences who is leading the research effort.

The scientific team at MSU has obtained grant funding through the Department of Defense’s Defense Threat Reduction Agency to develop nerve agent

antidotes that can be used by DOD in cases of chemical warfare.

Chambers said to her knowledge, the MSU antidote would be the first to stop the nerve agents from doing harm to the victim.

Current antidotes act by restoring function to the nervous system after the nerve agent has already degraded it.

"There is the possibility that too much damage to the nervous system occurs before the antidote can reverse the damage and save the victim’s life," Chambers said.

"The antidote compounds we are developing would enhance the ability of a blood enzyme, called paraoxonase, or PON, to degrade the nerve agents before they enter the nervous system.

"Many of us have seen some of the devastating effects of the nerve agent, sarin, on television news reports on its recent use in Syria. These are the toxic reactions we are trying to prevent."

The delivery of the serum could also be pioneering. Currently, all nerve agent antidotes are delivered by an auto-injector,

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Dr. Jan Chambers is leading the team that hopes their work will make the use of nerve gas ineffective on the tomorrow’s battlefields.

which is jabbed into the thigh. Chambers said the MSU serum might be deliverable via pill or ingested nasally.

MSU is stressing that no nerve agent is being stored or used in the experiments.

Instead, the researchers are using compounds that resemble the agents, so that they can safely conduct testing.

The researchers are currently using donated human blood to conduct their experiments. When the work progresses passed the test tube phase or becomes available to the military is still to be determined. The team showed enough progress during the first year to gain funding for the second year of trials.

Chambers was in Canada this week making the first presentation on the project. In the meantime, the researchers are working through the patent approval process and are collecting more data.

The team consists of Dr. Jan Chambers; Dr. Howard Chambers, professor in MSU’s Department of Biochemistry, Molecular Biology, Entomology and Plant Pathology; and, Steven Gwaltney, professor in MSU’s Department of Chemistry.

While the research shows promise, the MSU scientists know that there is no guarantee that it will be adopted. This is actually MSU’s second research into nerve agent antidotes. The first centered around a serum that would counteract the symptoms of an attack, such as seizures and foaming at the mouth.

While Mississippi State University scientists work on an antidote for nerve agents for use by the military, the federal government is looking for nerve agent treatments for children.

According to a release from the U.S. Department of Health and Human Services, an effective, faster-acting and longer-lasting pediatric medication to treat seizures caused by nerve agents will be studied and purchased under a Project BioShield contract from HHS’ Office of the Assistant Secretary for Preparedness and Response.

There are no currently approved medications to treat seizures caused by nerve agents, HHS reports.

Under a five-year, $60-million contract, Meridian Medical Technologies Inc. of Columbia, Md., a Pfizer company, will conduct studies of midazolam to seek approval from the U.S. Food and Drug Administration for the drug’s use in treating seizures caused by nerve agents. Meridian also will seek FDA approval of a midazolam auto-injector for children and adults, and seek approval of midazolam for use in treating common prolonged seizures.

— Wally Northway

It proved effective in the laboratory, but the funding for the study was subsequently dropped.

However, there was a positive from the first study — its success cleared the way for the military to fund the current study.

The research holds promise outside the military — it could also have agricultural uses. Because many insecticides work in the same way that nerve agents do, the antidote being developed by the MSU research team may also be used in cases of insecticide poisoning.

The compounds used in the research were first invented by Dr. Howard Chambers and are being tested in the MSUCVM Center for Environmental Health Sciences laboratory.

"There is nothing currently available that acts in the same way as the antidote compounds we are researching," Dr. Jan Chambers said. "The process of making the compounds available for use will be a long one, but we look forward to the next steps and further collaboration across MSU and with other agencies."

“We are extremely excited about the potential of this work.”

October 4, 2013

MANUFACTURING

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Mississippi Business Journal

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3

ECONOMIC DEVELOPMENT

Edwards ready to get to work on new port job

By LISA MONTI I CONTRIBUTOR mbj@msbusiness.com

High-tech jobs come along with new Tunica plant

By LISA MONTI I CONTRIBUTOR mbj@msbusiness.com The German automotive components company that broke ground last week in Tunica County will create about 300 advanced manufacturing jobs similar to the ones in another German plant that recently opened in the county.

Feuer Powertrain GmbH will invest $140 million in its Tunica facility, which will manufacture crankshafts for the automotive and transportation industry. The crankshafts will go in the Nissan Tundra model made in Canton. Production will begin in late 2014.

It is the company’s first manufacturing plant in the U.S. Tunica County also is home to the Schulz Xtruded Products, a manufacturer of stainless steel seamless pipe used in the oil and gas industry. That $300-million plant announcement came in 2010.

“We are moving into the automotive sector and we’re so excited about that,” said Lyn Arnold, president and CEO of the Tunica County Chamber and Economic Development Foundation.

Arnold said the Feuer plant will use computer numerical-controlled machinery in its manufacturing process along with “quite a bit of robotics.” Some of the processes and equipment will be similar to those used in the Schulz plant, she said.

Tunica County offers basic manufacturing skills training, similar to the type of training that employees of the Toyota plant in Blue Springs and other plants received. Northwest Community College will be assisting in training potential employees for the new plant.

Arnold said she hopes more announcements like the one this week are in the county’s future. “We hope we see a trend,” she said. “German companies like to locate in fairly close proximity with other German companies so we’re hopeful seeing more of these.”

The county is working on other projects, she said, “but until they sign the documents, we’re still just working with them.”

Feuer worked with a group of consultants to find the See

TUNICA, Page 8

The Hancock County Board of Supervisors still has to vote to finalize the hiring of Ashley Edwards as director of the Port and Harbor Commission but Edwards already has a list of things he wants to accomplish.

One of his first goals will be to create a certified-development ready site list and begin marketing it on the commission’s website. “Things like that don’t take months to put into place,” Edwards said. “I want to dig in and start working on those kinds of issues right away.”

The Port and Harbor Commission selected Edwards, a staffer for Governors Haley Barbour and Phil Bryant, from 50 applicants after a 16-week search process.

Robert Kane, president of the Port and Harbor Commission, said Edwards’ political connections didn’t come to play in his selection. “There were no politics involved at all,” Kane said. “The search was an unbiased, intensive, exhaustive process.”

He cited Edwards’ accomplishments working with the state “handling hundreds of millions of dollars” and his interviews.

“He’s a very bright guy and a very quick study. He’ll have this thing going in no time.”

The supervisors’ vote on Edwards’ hiring is expected in early October.

Edwards said through his work with the governor’s office he was involved in “almost every project that occurred in Hancock County since Katrina” and that he’s familiar with the national companies at Stennis Space Center and in the county. That will make for a seamless transition to his new job, he said.

Edwards said Hancock County’s inventory of assets for development influenced his decision to apply for the job.

“There are very few counties where you can find a port, an industrial park with shallow water access, an international airport that can essentially land every plane that flies, a NASA federal installation with tremendous opportunity in aerospace/defense sector growth all wrapped up in a county that has a very high quality of life standard,” he said.

The space center is key to the county’s industrial recruitment and retention, Edwards said. “There are a lot firms out there that are very interested in Hancock County, especially aerospace and defense-based industries, firms that would have associations with the operations out at Stennis,” He said he will work with the Mississippi Development Authority, utility companies and business leaders in industry recruitment and retention. “There are going to be tremendous opportunities, especially given the availability of state incentives and resources to try to leverage development,” he said.

When it comes to community assets,

Edwards said he recalls former MDA head Leland Speed often saying that to be successful in economic development, first make sure you have a place that people want to live.

“At the end of the day, companies looking to relocate are not just looking at site availability, they’re looking at schools, community assets and amenities to make sure they’re locating to a place their folks will really want to live,” said Edwards.

He said a priority along with recruiting industries is to get more people who work in Hancock County to live there.

“With folks who live elsewhere, dollars are not being spent in our grocery stores and our restaurants,” he said. “If you focus on just the industrial recruitment side of it you ‘re missing a big piece of ultimately what makes development successful.”

Edwards said he’ll promote Hancock County’s success in improving its schools, starting with East Hancock Elementary recently earning status as a Blue Ribbon School.

“As I have met with potential corporate tenants over the past eight years there never has been a time that someone didn’t ask about the quality of schools,” he said. “A lot times people don’t immediately associate

schools with economic development and it’s extremely important.”

Edwards said he comes to the job with some concerns, including the potential negative impact of Louisiana’s flood control plans on the county’s as- Edwards sets. “Flood control is a huge issue,” he said.

Another is insurance rates. “Flood insurance has now become a chief concern of leadership along the Mississippi Gulf Coast and really in coastal America,” he said. “We have to look at things the potential developer would look at, whether it’s a regulatory issue or a wetlands issue. We have to think in terms of removing those barriers to the extent that we can.”

Edwards said he’s seen the move toward regionalism along the Mississippi Coast in tourism and economic development and plans to meet with his counterparts in Harrison and Jackson counties soon after he gets to work. “I want to make sure everyone in this agency understands the value of regional synergy and ultimately the competitive advantages that would give us as a region.”

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4 I Mississippi Business Journal I October 4, 2013

BID

Continued from Page 1

County Line, said Alan Hart, Ridgeland’s director of community development.

Commercial property owners within a proposed Business Improvement District would have to vote to tax themselves for infrastructure improvements and joint promotional efforts. Hart said he thinks a multi-jurisdictional BID could be established that would take in the Ridgeland side of County Line on the north and the Jackson side to the south.

“We met this morning with top officials of the city of Jackson,” Hart said Monday.

“Our leadership and their leadership are committed to that corridor.”

Jackson Mayor Chokwe Lumumba said in an interview Monday that he would welcome “any effort with the city of Ridgeland that was not abusive of taxes to develop that area.”

A number of things make sense to look at in the way of joint efforts, Lumumba said.

Hart said he thinks perceptions of the health of County Line Road’s retail do not fully match a reality in which owners of commercial property say they are getting higher lease rates than previously.

However, he added, “It’s going to take some time” for sustained improvement to occur and conceded businesses along the corridor “are nervous.”

“They hear the rumors that the sky is falling,” Hart said.

But they must not lose sight of the corridor’s potential, he added.

County Line Road is still “a very positive location,” with nearby areas of Jackson serving as employment centers and ample rooftops in nearby Ridgeland neighborhoods, he noted.

A Business Improvement District could help the corridor develop its potential, Hart said. “They should explore the idea of a BID.” With a BID, property owners would jointly set their priorities for infrastructure work, including landscaping, and would develop joint marketing campaigns. “It would have an elected governing body,” Hart said. “It would be a city within a city,” or more precisely a city within two cities.

A BID would create interest in County Line Road among developers such as Comvest Properties, a Biloxi retail development firm that specializes in rehabilitating aging shopping plazas, said D. Brooks Holstein, Comvest managing member.

“The only way we would look seriously at County Line Road is re were some sort of enterprise zones for incentives,” Holstein said.

If something is not done, “you will see a tremendous amount of deterioration of retail along the road,” he said.

Hart attributes a lot of County Line’s image problems to a false perception that Northpark Mall is failing.

Indeed, Holstein said he thinks a loss of “leading edge tenants” has made the mall “vulnerable to relocation.”

Added Holstein, “I think the chal-

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TACY RAYBURN / The Mississippi Business Journal

Walgreens has opened a new store at the intersection of County Line and Pear Orchard roads.

WALGREENS

Continued from Page 1

that one specialist in selecting and developing sites for drug store chains says is expected to juice persquare-foot sales for Walgreens.

“We have done a number of repositionings for them,” said D. Brooks Holstein, managing member of Biloxi commercial real estate firm Comvest Properties. “They will only relocate a store if it can have a minimum of 30 percent increase in revenue.”

Contributing to the move as well could be an anticipated drop off in vehicle traffic with the expected closing of the Sam’s Club less than an eighth of a mile away.

A further reason is Walgreens’ retreat from aggressive growth, according to Holstein.

“Walgreens was doing 600 new stores a year,” he said. “Now they are doing 50. All of their capital budgets are going into remodels and repositionings” to higher traffic areas.

Big pharmacy chains such as CVS and Walgreens lease their store sites. In this instance, that situates the south corner of Ridgewood Road and Ridgewood Court for a retail downgrade, Holstein noted.

“You’ll see a second generation user go in D. Brooks Holstein there. Maybe a Dollar Store or an auto parts store.”

Managing member, Comvest Properties

“They will only relocate a store if it can have a minimum of 30 percent increase in revenue.”

lenges are two things: Retail shifting into very distinctive nodes and Madison County and Rankin County. Unfortunately, Ridgeland is getting squeezed by its proximity to Jackson.”

To the contrary, argued Hart, Northpark is 98 percent full and is removing some smaller tenants to make room for a pair of large tenants. “They are on the heels of a couple of really big announcements,” he said, predicting the announcements “will be game changers.”

Before retail developments went up along Colony Park and the Flowood stretch of Lakeland Drive, Ridgeland initiated efforts to enhance County Line Road’s retail appeal, Hart said.

The city first tackled the image issue in 2006 and the conventional wisdom that reaching the mall and other shopping destinations would take 15 minutes in nonholiday periods and 30 minutes during the

post-Thanksgiving to Christmas period.

“The mayor brought in an engineer who used a stopwatch that showed six minutes normally and 15 minutes” in the holiday period, Hart said.

Another effort addressed what Hart called the “chaotic environment” of the corridor by persuading businesses to adopt a set of five “calming” colors and improve their landscaping, he said.

Subsequently, Jackson City Planner Bennie Hopkins persuaded his city to adopt similar design standards. “We gave him the colors we like to see,” Hart said.

Hart said he is optimistic all Mississippi retail will soon get a boost from the assessing of a state tax on Internet sales. Though legislators have rejected the idea in past sessions, he thinks a majority will come around in 2014. “I have heard they are very receptive,” he said.

October 4, 2013

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Mississippi Business Journal

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TAXES AND FINANCES

Pigskins, Pumpkins and Planning

F

all is a favorite time of year here in Mississippi.

Football season (high school, college and NFL) is going strong and pumpkins are showing up everywhere in anticipation of Halloween. Before we know it, 2014 will be here!

With that in mind, another rite of fall comes into focus — tax planning. While not as exciting as football or as fun as Halloween, proper tax planning this time of year can have a meaningful impact on your bottom line — as a business or as an individual.

You many recall the uproar about tax law changes around New Year’s Day. After much debate, consternation and hand-wringing, significant tax increases for highincome taxpayers were passed into law and made effective for this year. Those are on top of other increases made as part of the new health care law. Finally, a number of business incentives were extended through 2013. They will not be available in 2014 unless re-extended.

A quick synopsis of some of the major changes would include the following for higher income taxpayers: » The top individual tax rate increased from 35 percent to 39.6 percent; » The top capital gain and dividend tax rate increased from 15 percent to 20 percent; » The 3.8 percent Medicare unearned income surtax and .9 percent earned income surtax are new for 2013; » Phase-outs of itemized deductions and personal exemptions were reinstated for 2013; » Estate and gift tax rates increased from 35 percent to 40 percent.

Also, if you own a business, the opportunity to expense up to $500,000 of qualifying assets in 2013 reverts to $25,000 in 2014, while 50 percent bonus depreciation disappears completely.

So, what are some of the things we should think about before 2013 winds down?

First, effective tax planning is best done by looking at two years together and trying to minimize the overall liability over that two-year period. Generally, it makes sense to defer income and accelerate deductions if you believe that you will be in the same tax bracket this year and next. However, sometimes there will be an anomaly that would place you in a vastly different tax bracket one year versus another, such as a large windfall. This has to be considered along with the potential effects of alternative minimum tax (AMT).

Many professionals and businesses that are cash basis taxpayers can control when they bill and collect receipts and when they pay invoices. Individuals can time when they pay itemized deductions. Closely-held corporations can determine when to pay dividends. Sales of assets can be timed to best take advantage of lower capital gain tax rates or to harvest tax losses to offset other gains as long as these actions are also consistent with a long-term investment strategy.

From a business expansion perspective, the reductions in expensing of qualifying assets and elimination of 50 percent bonus depreciation for 2014 are real and immediate. These may both be re-extended by Congress before year end, but the chances, especially for bonus depreciation, are diminishing. Accelerating acquisitions into 2013 removes this concern.

With regard to estate and gift taxes, the changes in rates, exemption amounts and new portability provisions require an updated look at an estate plan. One obvious

but overlooked idea is to maximize the annual gift exclusion. This year, the exclusion amount per donee increased from $13,000 to $14,000. That means that a donor can give this amount tax-free to as many donees as they like. This amount reduces their taxable estate dollar-for-dollar. It can also be doubled to $28,000 per donee by gift-splitting with a spouse.

These are just some basics. The earlier one sits down

with their CPA and other advisors, the better the chances of effective year end planning.

Just as football and Halloween will be gone before we know it, so will the opportunity to reduce 2013 taxes.

Make it a treat, not a trick.

John Scott, CPA, is a tax partner at HORNE LLP and has more than 25 years of public accounting

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Website: www.msbusiness.com October 4, 2013 Volume 35, Number 40

ALAN TURNER Publisher alan.turner@msbusiness.com • 364-1021 ROSS REILY Editor ross.reily@msbusiness.com • 364-1018 WALLY NORTHWAY Senior Writer wally.northway@msbusiness.com • 364-1016 FRANK BROWN Staff Writer/Special Projects frank.brown@msbusiness.com • 364-1022 TED CARTER Staff Writer ted.carter@msbusiness.com • 364-1017 LISA MONTI Contributing Writer mbj@msbusiness.com • 364-1018 BOBBY HARRISON Contributing Writer mbj@msbusiness.com • 364-1018

MBJPERSPECTIVE October 4, 2013 • www.msbusiness.com • Page 6

OTHER VIEWS

PSC votes shouldn’t be bought, sold t’s no secret that Lynn Posey has been a staunch supporter of the biggest boondoggle in the history of Mississippi power generation — the “clean coal” plant in Kemper County.

He has been one of the votes on the state Public Service Commission on whom the plant’s owner, Mississippi Power Co., has been able to rely in proceeding to build the untested, over-budget and economically unjustifiable generating facility.

While Posey’s position has angered — or should — the 187,000 customers in South Mississippi who are paying for much of this $5 billion mistake, it apparently has won him some friends among those who do business with Mississippi Power.

This week, several of them are helping to

I

put on a pair of $200- to $1,000-a-head fundraisers for the incumbent Central District commissioner. ...

Pender raises the question whether the involvement of those with a stake in how Posey has ruled and continues to rule on the Kemper plant — including a "prudency" hearing that could shift the bulk of the plant’s cost onto the shareholders of Mississippi Power’s parent company — is a violation of the spirit, if not the letter, of a two-decade-old campaign finance law.

It’s a good question.

The Public Service Commission falls under some of the toughest campaign finance restrictions in the state. ...

The state would be better-served if they weren’t.

Utility regulation is a highly complex business that requires a level of expertise most politicians don’t possess. Plus elections take money, and increasingly more of it. Campaign fundraising is bound to compromise, at least indirectly, the impartiality of those who hold out their hands.

Appointing public service commissioners would not completely eliminate politics. The governors doing the appointing have their own set of contributors to appease. But it would at least remove the commission a step from direct influence. Plus, presuming Senate confirmation would be required, there would be some check on a grossly inappropriate appointment.

Mississippi is one of only 10 states that directly elect public service commissioners.

There is ample reason why the vast majority of states don’t.

— Greenwood Commonwealth

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October 4, 2013

August 2013 sales tax receipts/year to date, July 1 MISSISSIPPI STATE TAX COMMISSION Here are cities’ earnings through sales tax collections. Sales tax has a three-month cycle. Month 1 — Tax is collected by the retailer. Month 2 — Tax is reported/paid to the Tax Commission by the retailer.

Month 3 — Sales tax diversion is paid by the Tax Commission to the cities. This report is based on the month the tax is collected at the Tax Commission (Month 2).

August August Year to date YTD CITY 2013 2012 2013 2012 ABBEVILLE $2,072.25 $3,950.50 $5,535.73 $12,084.10 ABERDEEN 64,826.39 63,154.66 135,111.44 137,758.03 ACKERMAN 22,628.90 20,896.36 46,965.26 45,332.55 ALCORN STATE U 346.88 324.50 628.81 941.66 ALGOMA 2,224.77 2,034.26 4,552.92 4,069.81 ALLIGATOR 605.50 591.73 1,551.91 1,510.62 AMORY 148,211.80 149,058.30 302,543.69 306,256.82 ANGUILLA 2,509.35 2,636.24 5,292.74 6,185.05 ARCOLA 1,458.22 1,418.22 3,080.28 3,454.48 ARTESIA 1,037.51 778.59 1,872.54 1,934.87 ASHLAND 13,056.99 10,375.83 25,403.18 23,510.35 BALDWYN 48,828.83 43,721.53 93,584.41 93,186.31 BASSFIELD 11,707.50 11,865.16 26,510.83 23,871.15 BATESVILLE 332,837.41 306,757.70 670,230.59 640,144.32 BAY SPRINGS 50,316.21 50,110.34 102,030.34 106,304.53 BAY ST LOUIS 116,112.65 107,406.20 230,853.10 210,237.74 BEAUMONT 5,205.90 5,843.31 11,929.26 12,560.65 BEAUREGARD 246.29 214.30 496.84 411.42 BELMONT 24,968.27 21,257.87 49,851.78 46,095.09 BELZONI 41,999.62 45,192.57 87,569.68 93,799.97 BENOIT 6,152.73 6,544.12 13,437.02 12,575.41 BENTONIA 33,872.39 14,106.30 68,214.50 29,605.62 BEULAH 391.74 275.53 757.74 748.18 BIG CREEK 320.67 450.81 661.57 903.02 BILOXI 1,048,042.61 1,012,760.85 2,070,903.89 2,017,431.18 BLUE MOUNTAIN 8,650.38 8,384.45 18,966.47 18,852.88 BLUE SPRINGS 2,726.76 1,846.29 5,598.85 4,848.33 BOLTON 11,605.45 12,480.84 25,735.06 23,530.97 BOONEVILLE 142,615.40 140,580.75 289,998.50 292,470.77 BOYLE 17,166.67 13,289.90 37,859.07 29,230.94 BRANDON 451,077.48 427,335.65 884,401.29 876,465.34 BRAXTON 1,488.53 490.65 2,764.98 1,790.42 BROOKHAVEN 447,536.73 415,834.46 889,745.44 847,794.71 BROOKSVILLE 7,323.98 8,017.44 17,486.43 17,076.94 BRUCE 40,218.41 38,267.36 81,304.31 80,930.89 BUDE 12,202.85 9,058.26 24,738.17 19,263.07 BURNSVILLE 11,147.00 10,986.51 22,144.21 23,871.49 BYHALIA 62,113.37 54,877.44 127,250.98 122,628.04 BYRAM 177,110.84 151,046.34 330,580.06 297,066.02 CALEDONIA 11,445.34 9,222.71 24,720.28 22,185.10 CALHOUN CITY 24,062.24 21,129.80 49,044.31 46,622.49 CANTON 210,500.84 197,848.34 418,081.19 393,033.23 CARROLLTON 5,437.32 4,835.25 11,243.14 10,986.43 CARTHAGE 129,799.13 125,572.87 266,984.00 259,441.70 CARY 693.51 1,311.01 1,680.76 3,312.97 CENTREVILLE 17,224.69 16,202.87 37,522.47 34,649.96 CHARLESTON 30,364.98 28,463.16 59,171.47 58,645.20 CHUNKY 902.22 376.39 1,957.98 1,268.98 CLARKSDALE 231,382.37 232,325.15 445,600.83 492,350.38 CLEVELAND 280,666.63 416,293.14 560,160.57 566,006.96 CLINTON 364,690.45 419,406.46 741,791.06 846,866.72 COAHOMA 506.12 275.75 1,092.92 803.37 COAHOMA COLLEGE 19.06 54.21 5.92 COFFEEVILLE 8,949.27 9,129.45 18,920.48 21,649.84 COLDWATER 16,984.40 10,422.39 35,034.54 31,792.99 COLLINS 115,746.07 110,343.84 238,788.60 232,596.39 COLUMBIA 281,399.13 255,946.79 556,881.23 531,172.74 COLUMBUS 685,376.78 658,934.77 1,395,942.41 1,400,187.36 COMO 14,083.35 13,229.78 28,258.23 29,278.71 CORINTH 450,176.25 430,704.86 934,866.31 897,980.10 COURTLAND 1,165.71 930.65 2,329.26 2,931.55 CRAWFORD 1,799.39 780.41 3,126.40 3,098.32 CRENSHAW 4,016.60 4,606.93 8,959.92 9,908.25 CROSBY 4,120.70 418.81 6,596.53 1,461.52 CROWDER 1,566.61 1,764.73 3,199.64 3,917.77 CRUGER 707.83 356.64 1,236.27 873.78 CRYSTAL SPRINGS 69,404.04 52,634.58 130,368.91 107,247.92 D LO 3,014.65 3,336.71 6,603.13 6,666.05 D'IBERVILLE 496,317.41 432,743.28 1,014,287.53 940,284.10 DECATUR 11,097.49 10,929.76 23,646.76 21,946.29 DEKALB 20,917.89 19,269.93 39,334.32 36,923.11 DERMA 6,439.07 4,028.64 11,665.91 8,507.44 DIAMONDHEAD 38,433.08 40,441.41 77,152.03 78,470.57 DODDSVILLE 362.42 1,033.72 906.69 1,627.94 DREW 10,584.91 8,686.00 19,702.10 19,269.85 DUCK HILL 3,274.99 3,174.92 7,914.73 7,608.54 DUMAS 1,022.24 877.64 2,250.48 1,940.13 DUNCAN 1,333.56 790.94 2,729.28 1,379.80 DURANT 24,326.40 23,625.37 48,043.31 49,506.99 EAST MS COLLEGE 32.38 42.74 103.42 88.99 ECRU 11,856.79 10,120.53 24,998.11 21,225.92 EDEN 66.79 44.41 134.13 89.74 EDWARDS 14,267.10 4,879.41 20,916.81 11,506.26 ELLISVILLE 82,460.57 72,798.30 166,536.65 148,751.34 ENTERPRISE 4,804.29 4,620.72 10,108.90 10,041.03 ETHEL 1,056.35 928.48 2,222.96 2,365.37 EUPORA 36,224.73 33,241.50 72,345.57 69,887.09 FALCON 118.03 89.02 218.49 129.17 FARMINGTON 4,008.62 4,167.65 8,811.92 7,858.65 FAULKNER 3,568.21 3,238.31 8,777.98 7,208.23 FAYETTE 17,944.11 14,818.54 34,548.61 31,524.83 FLORA 22,798.12 20,528.55 49,571.23 49,461.18 FLORENCE 65,740.21 57,696.87 142,874.63 118,998.47 FLOWOOD 828,389.40 778,103.01 1,732,471.78 1,633,811.65 FOREST 169,496.09 156,498.17 357,303.04 345,090.57 FRENCH CAMP 844.93 1,539.62 2,141.23 3,204.66 FRIARS POINT 2,243.98 2,217.51 4,388.39 4,935.41

FULTON GATTMAN GAUTIER GEORGETOWN GLEN GLENDORA GLOSTER GOLDEN GOODMAN GREENVILLE GREENWOOD GRENADA GULFPORT GUNNISON GUNTOWN HATLEY HATTIESBURG HAZLEHURST HEIDELBERG HERNANDO HICKORY HICKORY FLAT HINDS COMMUNITY HOLLANDALE HOLLY SPRINGS HORN LAKE HOULKA HOUSTON INDIANOLA INVERNESS ISOLA ITTA BENA IUKA JACKSON JONESTOWN JUMPERTOWN KILMICHAEL KOSCIUSKO KOSSUTH LAKE LAMBERT LAUREL LEAKESVILLE LEARNED LELAND LENA LEXINGTON LIBERTY LONG BEACH LOUIN LOUISE LOUISVILLE LUCEDALE LULA LUMBERTON LYON MABEN MACON MADISON MAGEE MAGNOLIA MANTACHIE MANTEE MARIETTA MARION MARKS MATHISTON MAYERSVILLE MCCOMB MCCOOL MCLAIN MEADVILLE MENDENHALL MERIDIAN MERIGOLD METCALFE MIZE MONTICELLO MONTROSE MOORHEAD MORGAN CITY MORTON MOSS POINT MOUND BAYOU MS GULFCOAST MS STATE UNIV MS VALLEY ST MT OLIVE MYRTLE NATCHEZ NETTLETON NEW ALBANY NEW AUGUSTA NEW HEBRON NEWTON NO. CARROLLTON NOXAPATER OAKLAND OCEAN SPRINGS OKOLONA OLIVE BRANCH OSYKA OXFORD PACE PACHUTA PADEN

117,288.44 105.45 196,343.61 3,425.58 1,762.28 396.74 11,688.82 3,692.37 3,154.65 486,127.34 349,724.42 339,765.85 1,683,877.38 1,096.12 15,246.55 452.13 1,735,260.09 99,245.65 32,006.05 252,451.52 3,332.16 5,091.13 1,191.22 14,882.25 99,691.87 347,068.66 7,770.16 78,650.17 177,194.84 4,841.78 1,344.52 10,753.53 67,930.43 2,753,726.70 3,907.44 579.59 6,150.63 164,326.03 3,395.40 6,519.33 4,368.18 789,462.97 25,513.85 504.70 49,401.05 1,872.96 41,179.90 19,246.63 121,658.51 2,379.74 911.22 154,356.88 159,604.38 3,240.04 14,646.35 4,529.54 5,819.78 47,397.40 507,524.47 164,422.88 34,295.52 16,947.36 1,948.49 4,844.18 17,273.26 20,278.26 16,638.30 612.37 447,387.49 8,679.83 5,516.49 9,530.87 53,771.23 1,215,375.84 7,080.03 1,127.38 18,093.65 35,870.54 588.15 7,129.15 378.02 41,257.54 147,733.21 4,219.90 79.55 15,123.62 154.29 7,236.51 4,684.94 439,385.73 29,855.35 232,098.44 14,992.02 7,602.16 85,214.09 3,604.63 9,179.89 6,289.97 384,046.68 24,518.38 664,403.13 5,126.86 542,144.12 542.61 1,913.07 197.21

116,247.26 69.86 174,192.09 3,286.48 1,722.76 212.36 9,912.18 3,600.16 3,124.14 495,468.59 380,501.30 315,304.92 1,627,072.79 624.76 13,820.13 752.69 1,615,143.60 100,473.04 32,428.83 220,950.11 3,697.31 5,392.55 985.68 13,957.92 90,717.17 328,755.37 7,245.95 83,955.26 150,922.04 4,828.07 1,572.59 13,264.00 72,752.76 2,431,602.17 3,643.59 1,423.76 5,585.38 152,163.17 3,333.46 6,099.63 3,406.15 741,535.18 19,846.25 458.64 44,268.80 1,208.15 34,132.13 17,542.19 108,661.40 2,241.01 1,043.38 144,910.41 147,170.30 3,185.22 13,271.65 3,401.02 6,230.74 45,642.11 460,433.72 158,205.32 32,219.75 14,916.48 1,979.31 4,469.43 16,748.34 19,627.65 14,821.77 571.44 407,826.48 437.58 5,406.54 9,607.52 39,043.63 1,136,598.84 7,730.17 1,041.71 11,100.94 35,257.34 835.84 6,831.82 585.26 37,456.85 138,417.26 3,769.62 99.16 14,459.30 204.43 7,038.59 3,276.23 409,842.62 22,328.14 245,751.82 15,760.24 6,347.41 81,916.18 2,753.75 9,284.91 5,461.37 367,555.80 23,242.90 612,256.67 5,658.77 496,600.42 582.17 1,776.80 153.74

233,924.51 233.47 397,262.25 7,185.10 3,543.11 858.28 24,007.73 8,265.38 6,673.12 1,010,192.36 705,754.77 692,845.12 3,402,973.10 1,743.90 31,493.33 915.29 3,534,990.72 204,510.30 67,600.53 491,860.28 7,600.77 10,986.50 2,023.72 29,600.39 215,057.97 684,890.60 15,741.54 161,475.22 337,280.55 9,544.26 3,013.45 22,509.99 141,628.07 5,394,925.73 7,902.58 1,267.07 11,999.12 331,865.89 7,238.61 14,340.27 8,766.72 1,570,588.78 55,096.73 945.30 99,794.70 3,737.60 80,681.64 38,691.06 236,741.79 4,795.40 2,075.70 308,030.11 325,222.23 6,615.73 30,349.20 9,869.57 11,506.66 96,080.54 1,054,606.99 331,105.70 72,343.47 34,616.74 4,894.59 9,714.56 37,132.63 40,432.84 31,394.00 1,386.97 921,406.02 9,988.89 12,140.17 20,501.10 110,309.52 2,502,399.66 13,922.90 2,284.19 34,897.45 76,107.32 1,150.89 15,513.26 1,019.02 82,140.57 295,295.23 8,081.62 172.05 27,065.46 456.58 15,341.68 9,533.93 904,193.08 57,632.82 477,629.77 30,993.31 15,820.84 170,688.79 6,981.28 18,028.16 11,786.65 745,895.08 50,001.30 1,349,279.83 11,007.71 1,108,324.72 1,124.99 3,900.65 383.14

237,283.62 227.48 370,209.12 7,393.96 3,629.44 647.18 21,895.35 8,196.27 6,741.44 1,017,578.92 731,720.41 656,923.16 3,320,835.01 1,419.22 29,782.79 1,618.73 3,338,269.34 206,272.06 66,048.91 454,678.46 7,771.83 11,944.04 1,759.35 29,255.56 195,711.13 664,277.00 16,286.35 168,018.59 316,234.60 10,819.40 2,933.78 25,469.59 152,237.49 5,114,539.61 7,569.45 2,647.54 11,401.76 328,648.88 7,344.91 13,639.13 6,565.90 1,473,605.53 45,250.48 949.19 94,288.05 3,008.78 71,800.63 37,045.25 226,325.78 4,466.82 2,203.57 290,957.96 306,008.88 6,206.38 29,761.56 11,910.92 13,237.77 93,598.59 943,140.44 328,842.92 67,679.01 35,607.66 5,163.54 9,384.21 33,037.40 41,830.05 31,594.59 1,080.48 867,408.70 1,047.34 11,841.38 19,724.52 86,993.92 2,339,692.65 14,583.68 2,188.00 21,486.16 76,103.39 1,419.07 22,812.26 1,138.47 77,558.82 273,357.85 14,911.21 138.57 25,810.06 451.78 18,014.65 7,557.60 854,142.90 48,980.46 477,210.72 33,348.25 14,584.31 165,280.52 5,643.87 18,602.31 12,038.92 731,432.07 49,157.06 1,253,922.84 11,919.27 1,010,912.33 1,166.77 3,679.67 296.01

PASCAGOULA PASS CHRISTIAN PAULDING PEARL PELAHATCHIE PETAL PHILADELPHIA PICAYUNE PICKENS PITTSBORO PLANTERSVILLE POLKVILLE PONTOTOC POPE POPLARVILLE PORT GIBSON POTTS CAMP PRENTISS PUCKETT PURVIS QUITMAN RALEIGH RAYMOND RENOVA RICHLAND RICHTON RIDGELAND RIENZI RIPLEY ROLLING FORK ROSEDALE ROXIE RULEVILLE SALLIS SALTILLO SANDERSVILLE SARDIS SATARTIA SCHLATER SCOOBA SEBASTAPOL SEMINARY SENATOBIA SHANNON SHAW SHELBY SHERMAN SHUBUTA SHUQUALAK SIDON SILVER CITY SILVER CREEK SLATE SPRINGS SLEDGE SMITHVILLE SNOWLAKESHORES SOSO SOUTHAVEN SOUTHWEST COMM STARKVILLE STATE LINE STONEWALL STURGIS SUMMIT SUMNER SUMRALL SUNFLOWER SYLVARENA TAYLOR TAYLORSVILLE TCHULA TERRY THAXTON TISHOMINGO TOCCOPOLA TOWN OF WALLS TREMONT TUNICA TUPELO TUTWILER TYLERTOWN UNION UNIV OF MISS UTICA VAIDEN VARDAMAN VERONA VICKSBURG WALNUT WALNUT GROVE WALTHALL WATER VALLEY WAVELAND WAYNESBORO WEBB WEIR WESSON WEST WEST POINT WIGGINS WINONA WINSTONVILLE WOODLAND WOODVILLE YAZOO CITY TOTAL

I

448,461.44 95,167.78 148.37 750,399.52 34,331.37 181,162.57 357,098.00 421,716.52 8,057.95 707.26 3,584.61 634.70 186,985.87 2,440.23 52,785.51 19,958.67 7,137.07 33,348.33 9,346.23 59,383.79 43,065.72 18,067.65 14,967.23 3,239.61 406,703.43 24,160.93 1,015,330.40 3,640.41 96,549.60 36,594.88 8,860.81 1,399.61 19,753.43 2,061.27 57,614.71 98,659.53 24,421.24 328.19 1,053.23 5,778.45 15,563.96 11,395.34 162,983.37 11,408.61 5,197.22 8,693.74 12,694.59 3,678.57 1,905.17 1,058.26 364.82 3,080.76 233.77 1,568.04 4,401.78 384.43 11,693.04 996,556.19 51.80 441,240.29 10,190.91 6,535.84 2,504.17 37,777.94 5,087.06 37,688.65 2,055.16 363.16 1,677.40 26,147.13 7,959.82 21,376.45 3,319.27 9,013.78 537.85 3,959.19 2,429.67 44,901.26 1,435,565.15 4,188.77 52,648.50 28,307.92 8,287.52 12,188.60 9,228.08 9,863.50 18,513.39 639,808.98 16,284.67 6,219.79 2,006.40 39,854.55 188,182.38 167,573.22 9,264.98 2,048.38 12,187.98 1,599.23 170,336.28 152,691.03 85,166.67 336.89 7,090.72 26,388.71 136,257.27 $33,738,545.83

Mississippi Business Journal 426,816.39 94,169.88 72.84 694,815.36 28,824.74 168,510.58 346,422.66 320,293.50 7,188.41 663.27 3,101.35 298.00 166,774.13 3,096.38 45,957.11 17,107.39 7,423.95 32,144.46 7,124.75 54,567.33 40,535.90 14,452.95 13,155.95 2,465.84 367,553.93 23,408.09 924,090.50 1,909.14 100,149.65 31,250.57 8,889.47 902.10 18,293.68 2,265.91 48,347.09 61,811.28 22,870.82 318.22 967.49 5,527.59 14,062.43 9,976.90 144,326.83 13,472.36 6,647.32 9,068.00 12,406.77 3,021.38 1,512.67 647.35 336.42 2,332.54 231.48 1,358.29 4,497.46 135.64 9,915.93 961,457.93 790.32 413,415.31 8,693.49 6,447.30 2,240.70 28,103.23 3,784.69 31,602.08 1,929.64 253.64 1,277.77 22,211.24 6,758.12 22,218.59 2,599.07 8,152.15 671.44 2,628.16 1,024.90 39,618.69 1,422,233.49 3,853.79 50,444.26 27,235.70 9,921.03 11,007.08 8,200.13 9,680.63 18,851.12 622,197.86 15,656.39 5,240.58 2,126.58 36,860.29 175,038.31 166,162.69 7,603.76 2,145.41 11,378.82 1,652.37 168,979.77 132,062.78 83,962.01 301.03 4,928.61 24,894.46 163,603.15 $31,746,042.93

I

7

910,245.79 862,091.69 193,433.61 190,991.47 271.58 182.55 1,512,065.29 1,382,179.69 69,780.02 57,985.43 392,491.57 351,190.01 695,107.65 665,135.78 763,338.48 649,861.02 15,589.68 16,227.41 1,066.16 1,062.13 7,658.26 7,424.87 1,115.82 637.68 387,745.58 357,820.66 4,981.87 7,467.13 112,264.09 96,723.28 39,375.99 37,724.42 16,418.40 17,771.55 79,202.18 68,476.79 20,208.94 15,608.02 118,653.26 110,358.22 93,956.49 83,996.69 36,780.80 31,792.82 32,743.19 29,901.17 5,502.67 5,806.13 869,824.92 739,693.52 52,733.12 51,374.41 2,097,530.05 1,907,605.67 8,205.16 4,629.71 194,526.14 205,718.17 71,909.22 63,495.86 18,229.58 19,212.35 3,152.82 2,381.98 38,807.14 39,930.56 4,310.50 4,590.62 117,561.19 104,090.37 139,933.36 98,453.88 49,873.23 48,787.52 670.63 741.50 2,042.29 1,959.41 11,338.85 11,278.14 30,391.16 29,794.13 23,695.92 22,358.77 328,172.68 296,967.54 24,741.13 35,481.00 13,225.97 13,169.43 17,717.18 19,180.78 26,070.12 26,196.44 7,663.84 6,759.15 3,714.30 3,550.51 1,867.14 1,441.27 765.35 721.22 6,204.90 5,548.44 421.21 492.51 3,131.72 2,885.76 10,412.60 11,046.95 796.43 264.40 24,260.26 19,126.30 2,046,084.47 1,998,229.62 71.78 941.28 883,543.15 858,312.09 20,623.92 17,287.25 13,647.25 13,118.79 5,746.27 4,885.14 74,333.71 61,239.59 8,863.14 10,062.65 73,486.35 67,174.76 4,308.46 4,319.56 663.60 611.62 3,517.04 3,554.94 51,933.31 49,431.45 15,709.32 14,743.17 49,342.46 45,447.44 7,347.83 5,928.70 18,069.91 17,379.23 1,098.25 1,208.36 9,277.60 8,467.04 4,135.23 2,251.99 89,288.38 82,039.41 2,927,472.12 2,911,654.55 8,462.90 7,926.31 108,589.93 104,700.63 56,948.18 57,374.54 21,267.41 23,206.08 24,413.20 23,025.39 18,660.50 19,950.98 19,973.72 23,520.97 42,948.38 38,269.41 1,277,612.02 1,242,659.78 34,729.07 34,038.81 13,183.61 12,157.33 4,016.53 4,151.16 79,227.89 79,532.56 385,124.71 357,333.20 345,273.39 331,174.95 21,447.02 16,109.90 4,238.84 4,833.85 26,623.04 27,485.22 3,341.02 3,159.08 346,598.07 344,187.33 298,497.56 272,796.39 173,275.94 182,434.61 542.61 874.72 13,078.24 10,094.46 56,540.54 50,541.74 278,803.82 314,272.48 $68,148,689.61 $65,109,756.71

8 I Mississippi Business Journal I October 4, 2013

REAL ESTATE

With most financing in hand, Capitol & West developers looking for a 2014 opening » Transformation of the circa 1934 federal courthouse at 245 E. Capitol St. will rely heavily on federal and state historic tax credits

By TED CARTER I STAFF WRITER ted.carter@msbusiness.com

Financing of the slightly more than $20million conversion of the James O. Eastland Federal Courthouse in downtown Jackson to mixed-use residential will be completed as soon as the bank backing the project has a term sheet ready for signing, developer Jason Goree says.

Goree declined to name the bank other than to identify it as a Mississippi lender that has agreed to finance about half the costs of converting the building to a mix of commercial uses and apartment rentals.

Private investors led by Jackson attorneys Tom Tardy, Marcy Croft and Jason Watkins will have equity stakes in the project which the partners have dubbed Capitol & West for its location at the corner of Capitol and West streets.

An investment group that included King Edward developer David Watkins bought the building soon after the Government Services Administration put it on the market. Watkins is not part of the new ownership, though his son, Jason Watkins, is included in it. The new ownership group has named itself Capitol and West.

Transformation of the circa 1934 structure at 245 East Capitol Street will also rely on federal and state historic tax credits and possibly federal new market tax credits, according to Goree, who said his value to the project is arranging the financing.

“We’re 90 percent done with the financing,” he said. “We’re putting in a lot of private money.”

Goree said the tax credits are the key to keeping rents of the apartments at rates typical to downtown Jackson. “They allow you to stay within the market,” he said, noting the partnership expects to attract young professionals and emptynesters.

The first unit buildout is expected to be completed in the spring of 2014 with

TUNICA

the entire project completed later that fall, according to the developer.

Goree agrees that Capitol & West will be watched closely by other investors who are assessing whether downtown truly has potential as a Goree live, work and play destination. The 95 percent occupancy of current downtown apartments points to pent-up demand that projects such as Capitol & West can fill, Goree said.

“There is no doubt there is a desire for urban living.”

He concedes that ultimately downtown must become more lively to become a large scale residential designation. That could happen, Goree said, with completion of the Farish Street entertainment district, a downtown redevelopment project long stalled by funding shortfalls.

“Getting Farish Street online is going to help,” added Goree, who has been involved in the Farish redevelopment project undertaken by David Watkins Development.

Though closing on lender financing has not yet occurred, workers have already removed asbestos that remained within the five floors of the 115,000 square-foot building vacated upon the new opening of a new federal courthouse nearly two years ago.

“We’re down the road” on this, Goree said, and noted the work done to this point should help avoid surprises later on.

“We used upfront money to do selective demolition,” he said. “You get behind those walls, you get behind those ceilings so you get an idea of what you’re dealing with.

“We kind of know what we’re looking at.

We’re not saying there won’t be more surprises, but it definitely minimizes them.”

One conclusion reached in the preliminary work: a retrofit that includes removal of boilers and chillers is necessary, accord-

Continued from Page 3

best location for its new U.S. plant. Tunica officials began working with the company last October and company representatives made their first visit to the Tunica site in February. Arnold said that’s a fairly fast courtship for an economic development project the size of Feuer’s plant.

Ted Carter / The Mississippi Business Journal

Capitol & West developers will convert the first floor’s lobby and courtrooms to a a bar and restaurant.

“It was so well built and so well put together. With the terrazzo floors, the marble — to take those things out would desecrate the development” Jason Goree ing to Goree.

A new roof, and replacement of mechanical and electrical and plumbing systems are part of the remodel by general contractor Chris Albritton Construction Co. of Laurel that also includes a lobby, a signature bar and restaurant and retail on the first floor and about 50 apartments of from 700 square feet to 1,100 square feet on the remaining floors, Goree said.

The bar and restaurant will encompass the two ground-floor courtrooms,

Arnold said the county worked in close partnership with the Mississippi Development Authority to get the plant. “It always takes fairly complex team effort to get these things done,” she said.

MDA, through the Mississippi Industry Incentive Financing Revolving Fund, is assisting with site preparation, infrastructure and workforce training.

“We expect local people to be able to benefit from these jobs,” Arnold said.

“Tunica County is extremely thrilled to have this company become part of our

Goree added.

The design by Jackson’s Duvall Decker Architects configures the apartments from judges’ chambers and clerical offices and designates the two courtrooms on the upper floors as common areas.

The Decker firm’s design retains many of the building’s features, including terrazzo floors, marble in the bathrooms, wood paneling, solid walls, Goree said.

“It was so well built and so well put together. With the terrazzo floors, the marble — to take those things out would desecrate the development.”

With sizes ranging from studio to one and two bedrooms, each apartment “will be completely different,” Goree noted.

Along with the original fixtures, the units will feature modern furnishings as well, he said.

The building has 71 parking spaces in the rear that can be assessed from West Street. Where additional parking will come from is still being thought out, according to Goree.

“We’re exploring all of our options,” he said, and noted the partners are considering nearby valet parking for lounge and restaurant guests.

The vacant Edison-Walthall Hotel next store has a multi-level parking garage, but Goree indicated he is unsure the neighboring garage would be an option.

Ultimately, what Capitol & West will offer, he said, “is something you can’t get in the suburbs.”

corporate community.”

Feuer Powertain is headquartered in Nordhausen, Germany. The 10-year-old company has invested more than $250 million in five plants in Nordhausen, where the company employs more than 400 workers.

October 4, 2013

I

Mississippi Business Journal

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9

HEALTH INSURANCE

Federal government gives conditional approval for SHOP The Associated Press

Mississippi Insurance Commissioner Mike Chaney received conditional federal approval yesterday to run an online marketplace where businesses with 50 or fewer employees can buy health insurance, starting in January.

Chaney was doing a telephone interview with The Associated Press when he received the notice from Health and Human Services Secretary Kathleen Sebelius. He said the notice is good news. It allows the Mississippi Insurance Department to develop the Small Business Health Options, or SHOP, exchange under the federal health overhaul law.

With conditional approval, federal officials expect the Mississippi department will continue developing the marketplace called One Mississippi in compliance with the Affordable Care Act, and “will be ready to provide affordable, quality coverage to small business owners and their employees in 2014,” Sebelius wrote in the letter, a copy of which Chaney sent to AP. The Affordable Care Act is the health

overhaul signed by President Barack Obama in 2010. Chaney, a Republican, has said repeatedly that he opposes the law but he believes it’s his duty to try to follow its mandates.

An exchange is an online marketplace, and there had long been uncertainty about whether the federal government would allow a state to run a Small Business Health Options exchange if the state were not running its own individual exchange. Mississippi’s individual exchange is run by the federal government because Republican Gov. Phil Bryant objected to a state-run exchange.

The notice about Mississippi’s SHOP exchange came the same day that people were first able to buy individual coverage through online insurance marketplaces created under the federal health law.

In an interview with AP on Tuesday, Bryant repeated his objections to the law.

He said the federal government is grabbing too large a role in health care.

“I think it’s going to be a disaster once people begin to understand it’s going to cost them money,” Bryant said.

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The Mississippi Center for Health Policy estimated in 2012 that up to 275,000 Mississippians could get insurance through the individual exchange, with 230,000 qualifying for federal tax credits that would reduce what they pay.

Two companies are selling insurance policies through the individual exchange in Mississippi, and they overlap in only four of the 82 counties. Although Chaney’s office isn’t running the individual health exchange, he said it received about three dozen calls from consumers about it Tuesday.

“We’ve gotten a lot of compliments as well as complaints,” he said.

He said some people complained the government website was slow, while some in the Meridian area were happy to know another hospital had been added to the coverage network.

Among the Mississippi residents planning to shop for coverage are 46-year-old Shawn Watson of Pass Christian and 40year-old Sharonda Noel of Greenwood.

They have full-time jobs that don’t provide health insurance.

“I make a conscious effort to eat right and exercise,” said Watson, an administrative assistant at a funeral home. “But as you get older, it’s inevitable that you’re going to have health issues.”

Noel, a daycare worker, has several chronic conditions, including lupus and high blood pressure. She said she could qualify for government assistance on disability, but she wants to work to provide for herself and her two teenage children.

“I’m not looking for a handout,” Noel said.

Watson is single with a grown child who is no longer a dependent, so she’ll only have to shop for her own coverage. She said she’s feeling a financial pinch because she had to go to a local hospital to be X-rayed after twisting an ankle. A local clinic wanted her to pay half the cost for the X-ray up front, and she didn’t have the cash on hand. The hospital put her on a payment plan.

Watson said she didn’t plan to buy coverage on the health exchange right away. Instead, she said she’ll take some time to do research and see what she can afford.

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October 4, 2013 • MISSISSIPPI BUSINESS JOURNAL • www.msbusiness.com

AN MBJ FOCUS:

BANKING & FINANCE TECHNOLOGY

FINGERTIP BANKING » Trend is moving toward more smartphone access

By LISA MONTI I CONTRIBUTOR mbj@msbusiness.com

T

HERE ARE TWO kinds of smartphone owners: Those who use their phone for mobile banking, and those who don’t but plan to in the future.

That’s the bottom line of the Federal Reserve’s 2012 online survey looking at consumer use of mobile technology to access financial services and also to make financial decisions.

A key finding is the fact that 48 percent of smartphone owners have used mobile banking in the past 12 months, up from 42 percent in December 2011. Ten percent of those mobile phone users not using mobile banking think that they will probably use it within the next 12 months, the Fed survey said.

The survey also found that the main reason consumers have not used mobile banking is that they feel they don’t really need to. They said their banking needs are being met without the handheld technology.

Consumers also shy away from banking by phone because of security concerns, the survey found.

But you don’t need the Federal Reserve to know that more people are using smartphones to do their banking.

BancorpSouth’s Michael Lindsey, senior vice resident and head of retail banking, said, “Less than 15 years ago, most of us See

APPS, Page 14

Ross Reily / The Mississippi Business Journal

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12 I Mississippi Business Journal I October 4, 2013

BANKING & FINANCE

ADVICE

The importance to budgeting W HAT DO MOST think of when establishing a budget? For most of us, it’s the “oftentimes” painful process of trying to live within one’s income — which is never an easy process. And while a case could be made that this financial process is more effective when introduced at the early part of the year, many of us continue to rectify the wrongs of poor financial management even after nine months into 2013. Here’s a simple take on a few key ideas that may assist you.

Budgeting, if properly defined, is the systematic allocation of one’s limited resources (that being income) to a potentially unlimited number of needs and wants (expenses). Learning to budget and manage your income, though oftentimes tedious and difficult to maintain, can help better control how your income is being spent.

Some form of budgeting is a necessity if you hope to meet long-term financial goals. One’s ability to control debt is

often a good measure of the success. For some, a budget is a detailed process of tracking each source and use of money.

For others, it is as simple as setting Ike Trotter aside savings first, then using the remainder for day-to-day living expenses.

It is interesting to read studies on budgeting to find out why some people are able to live within their means — while many others are not. And, virtually every study has shown that in our society, we not only fail to live within our means, but we harbor the illusion that an additional 10 percent more income would provide the financial “leg-room” necessary to feel financially comfortable.

If we just had that extra 10 percent, we would save better for our children’s college, we would save better for retirement and we would be much better prepared for tomorrow. Perhaps the most interest-

ing revelation from these studies is that the income we make does not impact the results of the surveys. In other words, the person earning $10,000 a year feels they need just 10 percent more –in the same fashion that the person making $100,000 feels. The key, therefore, is not altogether tied to how much we earn — but rather points to the manner in which we use it.

Our money can be illustrated as arrows shooting at targets. We pick the targets to shoot, then decide afterwards whether or not we picked the right targets. Hopefully, over time, we begin to get a good feel for which targets are best to go after with our arrows. The sooner we learn there are only so many arrows available, the better we learn to select meaningful and lasting targets.

Short term targets like expensive clothes, cars and vacations must be balanced against long term targets like college funding for our kids, an emergency fund and retirement savings. Plus, as stages to our life change, our targets and our goals can change as well. No one can

tell you which targets are right for you – but there are a few principles that should be followed by every wise individual: » Prepare for a rainy day by establishing and adequately funding an emergency fund » Prepare for the risks of life by securing adequate insurance » Prepare yourself first by setting aside a portion of your income each month for long-term goals Now days, it’s easy to get off a budget and spend money when it’s not really there to be spent.

By creating and sticking to a budget, you provide for yourself the necessary “umpire” to be honest should you be tempted to bend your financial rules every once in a while. Now, all that’s needed is a little intestinal fortitude to handle the urges when they invariably come up. Here’s hoping you can handle the temptation .

Ike S. Trotter, CLU, ChFC, is a credentialed financial adviser in Greenville.

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BANKING & FINANCE

14 I Mississippi Business Journal I October 4, 2013

APPS

Continued from Page 10

had never heard of the Internet much less used it. Cellphones were expensive and still not in widespread use. Today our smartphones have more computing power than the systems that processed our whole bank in the 1990s.�

The Federal Reserve survey found that the most common use of a smartphone is checking bank balances or recent transactions. That’s what 87 percent of those surveyed reported. Next is transferring

money between accounts, favored by 53 percent of mobile banking users. The third most popular use is depositing a check (21 percent, doubled the usage from the earlier Fed survey. “The largest advantage to having mobile banking is banking anytime from anywhere. The mobile device becomes an extension of online banking by having the ability to do most of the same tasks that could normally only be done on a home computer,� said Tony Sims, senior vice president of corporate marketing and PR for Community Bank.

With the growing popularity of mobile banking, banks are seeing a direct affect on customer contact with their employees.

There’s less of it.

Over the last two years, Lindsey said BancorpSouth saw a decline in calls to its InfoLine of nearly 30 percent and he said, “Much of these calls are now being serviced by customers using mobile banking.�

The growing popularity of mobile banking puts the pressure on banks to keep the service humming along. Said Lindsey, “It does create great expectation from banks.

The customers expect the service to always

BancorpSouth

More than just a bank.

“The largest advantage to having mobile banking is banking anytime from anywhere. The mobile device becomes an extension of online banking by having the ability to do most of the same tasks that could normally only be done on a home computer.�

Tony Sims Senior VP of corporate marketing and PR, Community Bank

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be up to date and available.�

There is a downside that comes with the convenience, including hackers who could steal your identity. “As with all electronic access to important information, folks should be mindful,� said Sims. “Make sure that apps are downloaded for the proper sources and always use strong passwords.�

Other security steps include signing up for alerts from your bank to check that all transactions such as withdrawals are really yours. Screen-lock your phone, passwordprotect it and download security apps to find the phone if it gets stolen. Think of all the precautions you take with your computer and apply them to the cellphone as closely as you can.

Bank officials say smartphone banking is branching out from the basic tasks such as checking balances.

Depositing checks by taking a photo with a phone or tablet and uploading the image is becoming popular with bank customers. Sims said Community Bank will adopt the mobile deposit service by year’s end.

Sims also thinks the industry could see the introduction of real-time alerts to turn debit cards off and on, and online reward services for mobile banking.

Said Lindsey: “I believe we will continue to see products and enhancements that allow the user to have a more personalized experience such as getting discount offers based on the customer’s location and preferences. A lot of work is also being put into mobile payments and mobile wallet, but there is still a long way to go before these reach critical mass of adoption.�

BANKING & FINANCE

October 4, 2013

I

Mississippi Business Journal

I

15

PROFILE: ODEAN BUSBY

New MBA chair worked his way up

By LYNN LOFTON I CONTRIBUTOR mbj@msbusiness.com

O

DEAN BUSBY, executive chairman of PriorityOne Bank, knows banking from the ground up. Soon after graduating from Jones County Junior College, the 125th chairman of the Mississippi Bankers Association began his banking career as a runner with First Mississippi National Bank (now BancorpSouth) in Hattiesburg.

“I attribute a lot of my success to the opportunity of working in all levels of banking,” he said.

“Working as a runner exposed me to so much and many good bankers early in my career. Many of the people I worked with then are still in banking.”

Looking back, Busby says he was always interested in banking, largely due to the admiration he had for his brother-in-law Ray Robinson, who is executive vice president of Magnolia State Bank. Busby now has two nephews working in banking, too.

Busby learned the importance of hard work at an early age. He was reared on a dairy and row crop farm in Smith County, and his parents were educators.

“Farming was my formative background,” he said.

“My parents were hard working and diligent in all things, and I was expected to do the same.”

With that work ethic, it’s not surprising that he attended the University of Southern Mississippi as a full-time student while working at a full-time job. He graduated with a degree in banking and finance and joined First National Bank in Mobile, Ala., as a cost accountant. After a short time, he returned to Mississippi as a branch manager and teller at Mount Olive Bank.

“The interesting thing about Mount Olive Bank in 1974 was there were no electric adding machines, typewriters, computers or account numbers of any kind,” he recalls.

“I probably learned more during those three years about the basics of banking just because everything was done by hand.

It gave me an opportunity and valuable perspective to understand the interworkings of every aspect of banking.”

In 1977, Busby joined Covington County Bank in Collins as cashier and loan officer. But, only three years later, at age 29, he became president and chief executive officer of Citizens Bank and Trust Company in Morton. At that time he was considered the youngest bank CEO in the state.

“My goal is to expand on the power of the relationships of Mississippi bankers, especially in light of the 125th anniversary.”

Odean Busby Chair, Mississippi Bankers Association

Citizens Bank and Trust merged with Bank of Simpson County and State Bank and Trust Company in Collins to form Citizens State Bank, a $125-million assetsize bank.

“All three banks had common ownership, and we made the decision to consolidate in 1994, but as we grew and expanded into new markets we realized we needed to develop our own identity,” he said.

In 2003, Citizens State Bank renamed and repositioned itself as PriorityOne Bank. After 31 years as CEO, Busby was named executive chairman and continues to serve as CEO of PriorityOne Capital Corporation, the holding company. Under his leadership, the bank has grown from $11 million in assets to just over $530 million in assets with another $130 million in assets managed off balance sheet. The bank has 11 locations in South Mississippi with the main office

in Magee.

“PriorityOne Bank is a community bank that is focused on strong relationship building,” Busby said.

The new MBA chairman has had a long involvement with the association, beginning when he attended the Mississippi School of Banking. He says that began an important networking phase.

“Networking and involvement with other bankers has been extremely important in my career. The MBA was a natural extension of this relationship building for me.”

He was active in MBA’s Young Bankers section and later served on the MBA Board of Directors, Legislative Committee and served on the American Bankers Association Government Relations Council.

Busby has also served on the board of trustees for the Mississippi School of Banking and was appointed to the Missis-

sippi Guaranty Pool Board when it began in 2000.

He says he’s looking forward to his year as MBA chairman.

“My goal is to expand on the power of the relationships of Mississippi bankers, especially in light of the 125th anniversary,” he said. “These relationships are instrumental in helping promote banking from a positive consumer service and economic perspective. Also, we are able to use that banker base to effect good business legislation on a state and national level.”

Busby recently completed a term of service as president of the newly-established Mississippi Bankers Association Education Foundation. “I am a strong advocate of financial education and training for bankers and children,” he said.

Busby and his wife of 42 years, Glinda, are the parents of a son, Jason, and a daughter, Molly. Known for his love of motorcycles, Busby and Glinda have ridden all over the U.S. with friends. They retired from motorcycle riding after an accident in Montana in 2009, but people still relate him with motorcycles.

“I enjoy the outdoors, working in the yard and traveling,” he said. “We have had the opportunity to go to many great places throughout the United States and numerous countries outside the U.S.” he said.

He is active in the community, serving on the board of William Carey University and in various capacities with a number of civic groups in Simpson County.

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16 I Mississippi Business Journal I October 4, 2013

Bank promotes Gibson Michael Howard Gibson has been promoted to senior vice president at Great Southern National Bank. A native of Laurel, Gibson graduated from Jones Junior College, Mississippi State University and the LSU Graduate School of Banking.

Gibson began his financial career in 1993 with Deposit Guaranty National Bank in Laurel and joined Great Southern National Gibson Bank in Meridian in 2006.

Gibson is a past president of the Meridian Down-

BANKING & FINANCE NEWSMAKERS

town Association and a past board member of The United Way of East Mississippi. He is currently a member the Allocation Committee for the United Way of East Mississippi, serves as campaign director for the bank’s United Way campaign and is a member of the Young Professionals of Meridian.

In addition to his banking career, Gibson serves as minister of music at Poplar Springs Drive Baptist Church. He is married to the former Danyell Lowe of Laurel and is the father to two children, AnnaJane Elizabeth (5) and Mary Michael Elise (2).

First State hires Murphey

Doom, Weeden come to BNA

First State Bank in Waynesboro has hired Sierra Murphey as vice president and business development officer. Murphey, a native of Waynesboro, is a graduate of Jones County Junior College and the University of Southern Mississippi with a degree in business administration with an emphasis in marketing.

She will work out of the Lucedale branch and will provide business development support for George, Greene and Jackson counties in Mississippi and for Mobile County in Alabama.

Murphey is married to Chadwick Murphey and they have two sons, Brayden and Ashton.

Colt Doom and Donna Weeden have joined BNA Bank as senior vice president and vice president, loans, respectively. Doom is also a magna cum laude graduate of the Mid South School of Banking in Memphis, and has 24 years of banking experience. He attended Northeast Mississippi Community College, and is a graduate of the University of Mississippi with a bachelor of accountancy. He is vice president of the New Albany Doom Main Street Association, member of the Rotary Club, board member and past president of the Union County Development Association and board member and treasurer for the Northeast Mississippi Chapter of the American Red Cross. He works from BNA Bank’s West Branch in New Albany.

Colt is from the Martintown community. He is married to Dee Weeden Ann (Cox) Doom and they have two children, Kagan (23) and Mitch (19).

Weeden has 30 years of banking experience, and received a bachelor of business administration with a major in banking of finance from the University of Mississippi. She is a board member and past treasurer for West Union Endowment for Public Education.

Weeden served as the accounting chair for the Union County Relay for Life for five years.

Weeden, a native of the Pinedale community, is married Narshal Weeden and they have two daughters, Kelsey (19) and Katie (16).

Charter welcomes new-hires Charter Bank has added four new staff members to its Biloxi, Gulfport and Ocean Springs branches. Brad Grayson has joined Charter Bank's Ocean Springs branch as the financial center manager. Grayson is a graduate of the University of Mississippi and holds a bachelor of science degree in business administration with a major in managerial finance.

Yoshi Atkinson has joined Charter Bank's Biloxi branch as a loan operations specialist.

Kendall Woodcock has been hired as a financial services representative for the Biloxi branch.

April Reeves joins Charter Bank's Gulfport branch as a financial services representative.

Yee earns certification Barnes-Pettey Financial Advisors, LLC’s Andrew Yee, financial advisor, has successfully completed the Certified Financial Planner Board of Standards examination. Yee has been with Barnes-Pettey for seven years. He received his bachelor’s degree and M.B.A. from Delta State University.

Yee is originally from Greenwood, but resides in Cleveland.

For announcements in Newsmakers; Contact: Wally Northway (601) 364-1016 • wally.northway@msbusiness.com

SBA APPROVED LENDORS Institution

Address

October 4, 2013

I

Mississippi Business Journal

Phone

BancorpSouth Bank

One Mississippi Plaza, Tupelo, MS 38802

(662) 680-2345

BankFirst Financial Services

101 N. Jefferson St., Macon, MS 39341

(662) 726-5192

Bank of Anguilla

130 Holland St., Anguilla, MS 38721

(662) 873-4346

Bank of Forest

211 W. 3rd St., Forest, MS 39074

(601) 469-3663

Bank of Franklin

9 Main St., Meadville, MS 39653

(601) 384-2305

Bank of Holly Springs

970 Hwy. 7 S., Holly Springs, MS 38635

(662) 252-2511

Bank of Kilmichael

120 N. Depot Ave., Kilmichael, MS 39747

(662) 262-7844

Bank of Morton

366 S. 4th St., Morton, MS 39117

(601) 732-8944

Bank of Okolona

227 W. Main St., Okolona, MS 38860

(662) 447-5403

Bank of Walnut Grove

101 Chadwick Ave., Walnut Grove, MS 39189

(601) 253-2411

Bank of Wiggins

109 W. Pine Ave., Wiggins, MS 39577

(601) 928-5233

Bank of Winona

312 N. Applegate St., Winona, MS 38967

(662) 283-3231

BankPlus

1068 Highland Colony Pkwy., 400 Concourse, Ste. 100, Ridgeland, MS 39157

(601) 898-8300

Bizcapital Bidco II, LLC

909 Poydras St., Ste. 2230, New Orleans, LA 70112

(504) 832-1993

BNA Bank

133 E Bankhead St., New Albany, MS 38652

(662) 534-8171

Britton & Koontz Bank, N.A.

500 Main St., Natchez, MS 39120

(601) 445-5576

Celtic Bank

12121 Panama City Beach Pkwy., Panama City Beach, FL 32407

(866) 644-0042

Century Bank

4282 Main St., Lucedale, MS 39452

(601) 947-7511

Charter Bank

1721 Medical Park Dr., Ste. 103, Biloxi, MS 39532

(228) 392-2330

Citizens Bank

8077 Hwy. 178 W., Byhalia, MS 38611

(662) 838-2146

Citizens Bank

814 Main St., Columbia, MS 39429

(601) 736-2601

Citizens Bank

521 Main St., Philadelphia, MS 39350

(601) 656-4692

Citizens Bank & Trust Co.

239 E. Main St., Marks, MS 38646

(662) 326-8047

Citizens National Bank of Meridian

512 22nd Ave., Meridian, MS 39301

(601) 693-1331

Cleveland State Bank

110 Commerce Ave., Cleveland, MS 38732

(662) 843-9461

Coast Community Bank

677 Dr. Martin Luther King Jr. Blvd., Biloxi, MS 39533

(228) 374-7755

Commercial Bank

175 Hopper Ave., DeKalb, MS 39328

(601) 743-5871

Community Bank

202 W Jessamine St., Ellisville, MS 39437

(601) 477-9361

Compass Bank

15 S. 20th St., Birmingham, AL 35233

(205) 297-1986

Copiah Bank, N.A.

101 Caldwell Dr., Hazlehurst, MS 39083

(601) 894-2831

Covenant Bank

206 Sharkey Ave., Clarksdale, MS 38614

(662) 621-1869

Covington County Bank

102 S Dogwood Ave., Collins, MS 39428

(601) 765-6551

DeSoto County Bank

6040 Hwy. 51 N., Horn Lake, MS 38637

(662) 393-3277

Farmers and Merchants Bank

P111 W. Clayton St., Baldwyn, MS 38824

(662) 365-1200

First American National Bank

1251 First American Dr., Iuka, MS 38852

(662) 423-9551

First Bank

100 S. Broadway & 3rd St., McComb, MS 39648

(601) 684-2231

First Commercial Bank

1300 Meadowbrook Rd., Jackson, MS 39211

(601) 709-7777

First Financial Bank

510 Hwy. 35 S., Carthage, MS 39051

(601) 267-0095

First National Bank

19 S. Main St., Pontotoc, MS 38863

(662) 489-1631

First National Bank of Clarksdale

402 E. Second St., Clarksdale, MS 38614

(662) 627-3261

First National Bank of Picayune

121 E. Canal St., Picayune, MS 39466

(601) 749-3200

First National Bank Oxford

101 Courthouse Sq., Oxford, MS 38655

(662) 234-2821

First Security Bank

295 Hwy. 6 W., Batesville, MS 38606

(662) 563-9311

First South Farm Credit

574 Highland Colony Pkwy., Ridgeland, MS 39157

(601) 977-8381

I

17

18 I Mississippi Business Journal I October 4, 2013 Institution

SBA APPROVED LENDORS

Address

Phone

First Southern Bank

1075 Hwy. 98, Columbia, MS 39429

(601) 736-6378

First State Bank

146 W. College Ave., Holly Springs, MS 38635

(662) 252-4211

First State Bank

708 Azalea Dr., Waynesboro, MS 39367

(601) 735-3124

Grand Bank for Savings, FSB

204 Westsover Dr., Hattiesburg, MS 39402

(601) 264-1467

Great Southern National Bank

218 22nd Ave. S., Meridian, MS 39302

(601) 693-5141

Guaranty Bank & Trust

210 Hayden St., Belzoni, MS 39038

(662) 247-1454

Hancock Bank

2510 14th St., Gulfport, MS 39502

(228) 868-4000

Holmes County Bank & Trust

316 Court Sq., Lexington, MS 39095

(662) 834-2311

HOPE Federal Credit Union

4 Old River Place, Ste. A, Jackson, MS 39202

(601) 944-1100

Jefferson Bank

1445 Main St., Fayette, MS 39069

(601) 786-3191

Magnolia State Bank

15 E. 6th Ave., Bay Springs, MS 39422

(228) 764-2265

Mechanics Bank

319 N. Main St., Water Valley, MS 38965

(662) 473-2261

M&F Bank

411 Hwy. 80 E., Clinton, MS 39056

(601) 924-8389*

Merchants & Marine Bank

2802 Bienville Blvd., Ocean Springs, MS 39564

(228) 872-2800

Merchants & Marine Bank

3118 Pascagoula St., Pascagoula, MS 39568

(228) 762-4034

Merchants & Planters

308 Raymond Sq., Raymond, MS 39154

(601) 857-8044

Metropolitan Bank

1069 Highland Colony Pkwy., Ridgeland, MS 39157

(601) 853-0000

Nerwton County Bank

114 E. Church St., Newton, MS 39345

(601) 683-3101

North Mississippi Community Bank

900 N. Main St., Amory, MS 38821

(662) 256-8461

OMNI Bank

236 E. Capitol St., Jackson, MS 39225

(601) 355-1000

Oxford University Bank

2301 W. Jackson Ave., Oxford, MS 38655

(662) 234-0622

Peoples Bank

152 Lameuse St., Biloxi, MS 39530

(228) 435-5511

Peoples Bank

611 5th Ave., Magee, MS 39111

(601) 849-2210

Peoples Bank

160 E. Maud Ave., Mendenhall, MS 39114

(601) 847-2210

Peoples Bank

305 E Jefferson St., Ripley, MS 38663

(662) 837-8191

Pike National Bank

350 Rawls Dr., McComb, MS 39648

(601) 684-7575

Planters Bank & Trust

212 Catchings Ave., Indianola, MS 38751

(662) 887-3363

PriorityOne Bank

220 Main Ave. N., Magee, MS 39111

(601) 849-3311

Regions Bank

250 Riverchase Pkwy., Birmingham, AL 35244

(205) 560-5081

Renasant Bank

209 Troy St., Tupelo, MS 38804

(662) 680-1001

Richton Bank & Trust Company

114 S. Front St., Richton, MS 39476

(601) 788-6301

Riverhills Bank

702 Market St., Port Gibson, MS 39150

(601) 437-4271

Singing River Federal Credit Union

6006 Hwy. 63, Moss Point, MS 39563

(228) 457-9531

Southern Agcredit, FLCA

22 Milbranch Rd., Ste. 200, Hattiesburg, MS 39402

(601) 579-7800

State Bank and Trust Company

916 Hwy. 82, Greenwood, MS 38935

(662) 453-6811

Superior Financial Group

165 Lennon Ln., Ste. 101, Walnut Creek, CA 94598

(925) 482-2900

Sycamore Bank

301 E. Main St., Senatobia, MS 38668

(662) 562-8201

The First-A National Banking Association 1945 U.S. Hwy. 15 N., Laurel, MS 39440

(601) 425-4000

Trustmark National Bank

201 Country Place Dr., Ste. A, Pearl, MS 39208

(601) 208-7391

United Mississippi Bank

75 Melrose-Montebello Pkwy., Natchez, MS 39121

(601) 445-7000

Wells Fargo Bank, N.A.

101 N. Philips Ave., Sioux Falls, SD

(605) 575-6900

400 Labarre Rd., Jefferson, LA 70121

(504) 729-1169

Whitney Bank * M&F Bank was recently purchased by Renasant Bank)

Source: U.S. Small Business Administration. For questions or comments contact Wally Northway at research@msbusiness.com.

NEWSMAKERS

October 4, 2013

I

Mississippi Business Journal

Profiles of growing young professionals in Mississippi porates what I enjoy about the whole process.�

Flesher’s first narrative short was produced for the Oxford Film Festival last year and her 2013 attempt titled “Killer Kudzu� was selected to be produced as the festival’s next community film project. “In my writing, I'm always drawn to regional stories and wild, but true historical stories,� she says. “I concocted this Mississippian and Oxonian take on the silly B-horror flick that I hope the community enjoys making and watching.�

When she’s not writing or producing, Flesher enjoys tennis and is a member of the nationally-ranked Carleton College women's tennis team. “Only listen to the encouragers,� she advises young professionals, “Everyone else will just drag you down with them.� — By Stephen McDill

Brown to lead agency

BKD hires Ladnier

Ashli Brown, an accomplished Mississippi State University researcher and administrator for the Mississippi State Chemical Laboratory, is taking the helm of that state agency housed on the land-grant institution's campus. Brown has been named state chemist and director of the MSCL, effective Oct. 1 and pending formal approval by the Mississippi Senate.

Previously, she served as the MSCL's director of research and Brown agriculture forensics.

Brown, a University of South Florida doctoral graduate, is a biochemist and molecular biologist with a research and teaching focus on aflatoxin, a group of toxic compounds produced by some molds that can contaminate stored food supplies like animal feed and peanuts.

Her research interests include physical biochemistry, enzymology, protein kinases, insect pheromones and gas chromatography and mass spectrometry. She is on the faculty of MSU's Department of Biochemistry, Molecular Biology, Entomology and Plant Pathology in the College of Agriculture and Life Sciences, and is also a scientist in the university's Mississippi Agricultural and Forestry Experiment Station.

Elijah C. Ladnier has been hired as a staff accountant in the audit department of BKD, LLP’s Jackson office. Ladnier graduated cum laude from Millsaps College where he earned a bachelor’s degree in accountancy in 2012 and a master of accountancy in 2013. He begins his career with BKD Mississippi and will assist with general audit enLadnier gagements.

Taylor replaces Graves Dave Taylor, an 18-year veteran of the Olive Branch Fire Department, is the department’s new head of training.

Taylor, a lieutenant, got the job after Ken Givens moved up to assistant fire chief, a role that came open when Scott Phillips, the assistant chief for 11 years, was elected mayor in this year's municipal elections.

The 39-year-old Taylor, who grew up in Olive Branch, was in college to be a police officer but was a volunteer firefighter in Lewisburg.

Bryant taps Morrow John Christopher Morrow has been named to the Mississippi State Board of Architecture by Gov. Phil Bryant. Morrow is with Pryor & Morrow Architects and Engineers in Columbus. The five-member board oversees regulation of professionals licensed in the architecture, landscape architecture and interior design businesses in Mississippi.

Burman added to staff Kabeer Burman, MD, recently joined Hattiesburg Clinic’s Hospital Care Service. Burman received his medical degree from Medical University of the Americas in Charlestown, Nevis, West Indies, and completed an internship and internal medicine residency at Ochsner Medical Center in New Orleans, La. His professional memberships include the Society of Hospital Medicine and American College of Physicians. Burman Burman is providing care at Forrest General Hospital.

Robinson named president/COO Ty Robinson has been named president and COO of Robinson & Associates Inc. Robinson earned his B.B.A. in marketing from Georgia State University in Atlanta in 1991. He is a 2008 graduate of the Jim Ingram Community Leadership Institute and a 2013 graduate of the Tupelo Convention & Visitors Bureau Leadership Program. In 2010 he was named a Rotary Club Paul Harris Fellow. He was also named a Robinson member of the "Top 40 Under 40" by the Mississippi Business Journal in 2009.

Robinson is a member of the Synergy Network of the Agency Management Roundtable. He is a contributing author to "'The Secret to Our Successes,' Secrets of Ad Agency Owners: Our Best Marketing Advice," River Bend Publishing, 2012. He is active in the Yocona Area Council of the Boy Scouts of America

where he serves as an Executive Committee member, Apilachi District Commissioner and Apilachi Chapter Adviser for the Order of the Arrow, the national honor society of the BSA. Robinson has been a member of the Tupelo Airport Authority since 2010 and has served as chairman for two years. He is a member of the Community Development Foundation and its board of directors. He is an advisory board member for the Construction Engineering Technology department at Northeast Mississippi Community College. He is a member of the Kiwanis Club of Tupelo and the BNI Tupelo chapter of Business Networking International.

Tom Robinson, agency founder, retains a full-time, active role in the agency as CEO, account executive to a number of the agency's clients in addition to his creative, public relations and new business responsibilities.

Bammann earns Fellow designation Douglas Bammann, a Bagley College of Engineering mechanical engineering professor at Mississippi State University, is receiving the highest grade of membership from the Society of Engineering Science. Bammann was recently named a Fellow during the organization's 50th annual technical meeting at Brown University. He is the only member to earn the Bammann honor this year.

Bammann joined Mississippi State in 2007 as a Billie J. Ball professor in mechanical engineering.

19

Age: 19 Screenwriter, Carleton College

Keeping our eye on... FELICITY FLESHER After watching “Raiders of the Lost Ark� as a child, Oxford native Felicity Flesher wanted to be a daring archaeologist like the film’s character Indiana Jones. “Little did I know that I was instead more interested in the career that made Indiana Jones, those men and women behind the scenes that crafted this adored character and story,� Flesher says.

After finishing high school, Flesher enrolled at Carleton College in Minnesota where she is currently majoring in cinema and media studies. In addition to that, Flesher has interned with the University of Mississippi Media and Documentary Projects office and was a film and TV development intern with the Jim Henson Company in Los Angeles. “Every part of media-making is geared towards telling a story and creating a world,� she says. “I found that writing best incor-

I

Best thing about Mississippi: Sweet tea Best Mississippi event: Oxford Film Festival Favorite Mississippi food: Cajun blackened catfish.

Favorite TV show: “QI�

Bucket List: “To be asked what my favorite word is by (Hollywood interviewer) James Lipton.�

Twitter handle: @thefelociraptor Read the full biography at www.msbusiness.com Since that time he has served as the vice chair of the ASME applied mechanics division and materials division joint committee on consecutive equations. Prior to coming to the Magnolia State, Bammann spent more than 25 years as a distinguished member of the technical staff at Sandia National Laboratories in Livermore, Calif. There he distinguished himself as a leader in the field of continuum mechanics, plasticity and the failure of metals.

With more than 46 journal articles, 20 conference papers and 10 technical reports to his name, Bammann has been an invited lecturer at universities across the country including Cornell, the California Institute of Technology, the Georgia Institute of Technology and Louisiana State University.

Bammann earned a bachelor's degree in physics at Illinois State University, Normal. He earned master's and doctoral degrees in theoretical and applied mechanical engineering from the University of Illinois, Urbana.

Barber leading police Billy Barber, who has spent the past 15 years with the Washington County Sheriff's Department, is the new police chief in Leland. Barber got his start in law enforcement in 1990 with the Leland Police Department, where he worked as both a criminal investigator and narcotic investigator. Eight years later, he joined the Washington County Sheriff's Department.

For announcements in Newsmakers; Contact: Wally Northway (601) 364-1016 • wally.northway@msbusiness.com

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20 I Mississippi Business Journal I October 4, 2013

DeSoto 6.7 Tunica 12.4

MISSISSIPPI’S AUG. UNEMPLOYMENT FIGURES

Tate 9.4

JUL ’13 1,309,000 112,800 8.6 8.6 1,196,200

AUG ’12 1,324,000 120,000 9.3 9.1 1,204,000

’12 Avg. 1,333,100 122,100 XXX 9.2 1,211,000

Coahoma 12.5

Yalobusha 8.6

AUG ‘13 155,971,000 11,462,000 7.3 7.3 144,509,000

STATE OF MISSISSIPPI Unemployment Insurance Data •• Initial UI Claims Continued Claims Benefits Paid Weeks Paid First Payments Final Payments Average Weekly Benefit

JUL ’13 157,196,000 12,083,000 7.4 7.7 145,113,000

AUG 2013 10,205 103,782 $15,217,704 82,081 4,907 1,913 $185.40

AUG ’12 155,255,000 12,696,000 8.1 8.2 142,558,000

JUL 2013 12,042 122,137 $18,706,473 100,076 7,160 2,283 $186.92

’12 Avg. 154,975,000 12,506,000 XXX 8.1 142,469,000

Leflore 12.1

Humphreys 13.5

Carroll 7.2

Montgomery 10.8

Holmes 16.6

Warren 9.7

le B Bu ss un si th dl nes an es s $ 75 for /m o.

Rankin 4.7

Hinds 7.4

Claiborne 14.8

Winston 11.7

Leake 9.5

Neshoba 6.3

Scott 6.3

Newton 7.3

Adams 8.9

Franklin 9.1

Wilkinson 10.7

Lincoln 8.1

Amite 9.4

Pike 9.7

Covington Jones 6.8 5.9

Noxubee 14.5

Kemper 12.6

Walthall 10.4

BUSINESS PHONE

Marion 9.6

Lamar 5.9

Pearl River 8.0

Hancock 7.8

Lauderdale 8.2

Clarke 9.6

Wayne 10.1

Lawrence Jeff Davis 9.6 11.4

Unemployment Rates ates 4.7 - 6.3 6.4 - 9.5 9.6 - 13.9 14.0 - 18.3

Jasper 9.3

Smith 7.6

Simpson 6.9

Copiah 8.7

Jefferson 17.7

BUSINESS INTERNET

Lowndes 9.5

Oktibbeha 8.8

Madison 6.1

— Mississippi Department of Employment Security

®

Monroe 11.5

Clay 18.3

Choctaw 9.0

Attala 10.2

Yazoo 10.7

Issaquena 13.9

** Average for most recent twelve months, including current month •• Unemployment Insurance amounts presented in this section only represent regular UI benefits, federal program amounts are not included.

Labor force amounts are produced in cooperation with the Bureau of Labor Statistics.

Note: Unless indicated state and county data presented are not seasonally adjusted.

Wire your business for success

Tishomingo 8.9

Itawamba 8.3

Chickasaw 11.9

Webster 11.6

Washington 13.9

Moving Avg.** 155,456,000 11,861,000 XXX 7.6 143,595,000

AUG 2012 11,000 116,221 $15,426,300 84,317 4,958 2,023 $182.96

Calhoun 9.8

Grenada 8.5

Sunflower 13.0

Lee 7.8

Pontotoc 7.5

Quitman 12.3

Bolivar 10.4

Moving Avg.** 1,319,600 119,200 XXX 9.0 1,200,400

Lafayette 6.6

Sharkey 9.6

UNITED STATES Labor Force Data Civilian Labor Force Unemployed Unemployment Rate (Adjusted) Unemployment Rate (Unadjusted) Employed

Alcorn 7.5

Tippah 10.3 Union 6.7

Tallahatchie 10.9

AUG ‘13 1,289,600 107,900 8.5 8.4 1,181,700

Benton 11.3

Prentiss 8.8

Panola 10.7

Labor force and employment security data STATE OF MISSISSIPPI Labor Force Data Civilian Labor Force Unemployed Unemployment Rate (Adjusted) Unemployment Rate (Unadjusted) Employed

Marshall 11.7

Forrest 7.7

Perry 8.9

Stone 7.2

Harrison 7.7

Greene 10.8

George 10.2

Jackson 8.3

Source: Labor Market Data Publication August 2013 Design: Labor Market Information Department, MDES

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October 4, 2013

I

Mississippi Business Journal

I

21

» MISSISSIPPI LEADERS by Martin Willoughby

Understanding the why Smith builds relationships while growing Simple Strokes Therapy Consultants

S

imon Sinek in his bestseller Start With Why shares the powerful truth that, “People don't buy what you do; they buy why you do it. And what you do simply proves what you believe.” He cites numerous examples of companies like Apple who have a definitive “why” that people connect. I have found that truly great companies clearly understand their “Why” and seek to authentically live it as an organization. Sinek understands the connection between knowing your “Why” and having an inspired workforce. He noted, “If you hire people just because they can do a job, they’ll work for your money. But if you hire people who believe what you believe, they’ll work for you with blood and sweat and tears.”

Trey Smith, co-founder of Simple Strokes Therapy Consultants, PA, in Southaven understands this concept. Trey and his wife Robin, a physical therapist, formed the company in 2003 to provide specialized pediatric physical therapy services to children in northwest Mississippi. They have a vision and purpose for their business and have seen significant growth. They have 14 therapists (physical, occupational, speech) who have positively impacted over 2,000 families.

The Smiths know the “why” of their business. Their goal is to “provide children of all ages and physical abilities the opportunity to participate and enjoy the activities of

Up Close With ... Trey Smith Title: CEO, Simple Strokes Therapy Consultants, PA First Job: Volunteer at the Child Development Center at UT Memphis in pediatric nutrition Proudest Moment as a Leader: “I am still a work in progress.”

Hobbies/Interests: Competitive water skiing, hunting, fishing

childhood.” Families with children with disabilities now come from around the MidSouth to their state-of the-art facility.

A native of Memphis, Smith attended Mississippi State University and the University of Memphis where he finished with a B.S in sports business management. After building a successful financial services practice, Smith and his wife joined forces to start their own business. Smith is a passionate entrepreneur and gifted leader. He

was influenced early on by his late grandfather, Doyle Harvey, who was a successful businessman. Smith noted, “He had a contagious sense for people as they seemed to just migrate to him.” Smith continued, “He instantly connected with people, and they immediately trusted him. While he was a brilliant business man, he recognized that solid relationships with people created his brilliance in business.” Smith shared that he uses this method to navigate through his

“Just keep your eyes open to the big picture, and it will all work out...”

Trey Smith CEO, Simple Strokes Therapy Consultants

Christian life as well as his business.

Smith’s key principles as a leader are love for others, honesty, integrity and character.

Smith shared, “Not only do I try to live by these principles, but I Martin Willoughby also choose to relate with people who share these principles with me. Relationships with people with like values create more opportunities which lead to more success in business and in life.” He continued, “One has to remember, that to be a servant leader requires these principles/values in order for employees or people in general to want to be in the same boat with their respective leader.” Smith truly understands the value of relationships and emphasized, “While we can get mired down with day to day junk that may sometimes lower moral, it is important to remember that our relationships drive our success of a leader. It’s not to say that there won’t be pitfalls along the way, but the right relationships with the right people will ultimately breed success. Just keep your eyes open to the big picture, and it will all work out for the best.”

Smith and his wife have built a great business serving people by understanding their “why.” Based on this success, they are now expanding into new cities as they seek to continue to fulfill their mission to help children and families.

Martin Willoughby is a business consultant and regular contributing columnist for the Mississippi Business Journal. He serves as Chief Operating Officer of Butler Snow Advisory Services, LLC and can be reached at martin.willoughby@ butlersnow.com.

In a loud, hectic world, introverts offer valuable insights

A

» Quiet: The Power of Introverts in a World That Can’t Stop Talking

By Susan Cain Published by Broadway Paperbacks $16.00 softback

re you the proverbial “life of the party,” flitting from this social function to that one, making friends everywhere you go? Or would you rather spend your time with only your close friends, or perhaps just alone reading or engaged in other solitary pursuits? At least onethird of us fall into the latter group, so chances are, if you aren’t an introvert yourself, you’re married to one, or you parent one, manage one, or are friends with one.

In Quiet: The Power of Introverts in a World That Can’t Stop Talking, author (and self-described introvert herself) Susan Cain tackles the differences between introverts and extroverts in every aspect of our lives, from the workplace to social situations to school to home and family life. In her meticulously researched and compulsively readable book, Cain explains that while introverts are often labeled as shy at best or anti-social at worst, in fact, they just interact with the world differently

than extroverts.

Extroverts draw energy from being around people, but for introverts that can be draining, and instead they need time alone to recharge. Using examples of famous introverts, from Rosa Parks to Steve Wozniak to Eleanor Roosevelt to Warren Buffett, Cain demonstrates how the quietest among us can be the bravest, the most thoughtful, and the most revolutionary.

Introverts prefer a few close friendships rather than being surrounded by lots of people. They like working alone versus working in groups, and enjoy concentrating on single tasks instead of

“Introverts enjoy a few close friendships...”

trying to multi-task. In the modern workplace, introverts’ ability to think deeply and creatively and solve problems is a tremendous benefit. However, they can often be overlooked, thanks to a pervasive culture of “big personalities,” the willingness of extroverts to speak up more, and even the detriments that come with open-office floor plans. Cain’s book will convince you not to overlook the introverts around you any longer.

The book also includes advice for parents of introverts and for educators. So much of childhood for many introverted children consists of everyone around them trying to “bring them out of their shell.” While learning socialization skills is important, more focus and encouragement should be placed on their unique gifts and strengths. As someone who was never once made to feel bad about preferring reading alone to just about anything else (yep, I’m an introvert), I can tell you first-hand how valuable for a child that really is.

— LouAnn Lofton, mbj@msbusiness.com

22 I Mississippi Business Journal I October 4, 2013 MANUFACTURING

MANUFACTURING

Olive Branch, Kosciusko plants begin operations

Lane Furniture back in play with latest bids

October opened on a high note for workforces in Olive Branch and Kosciusko.

Attala Steel Industries cut the ribbon its new 30,000square-foot galvanizing plant in Kosciusko, while Teleflex Inc. opened its distribution center in Olive Branch.

Attala Steel's facility is in addition to the company’s existing structural steel mill and fabrication plant in Kosciusko.

Teleflex says its Olive Branch Center will employ 225 workers within four years.

Teleflex, which provides medical devices for critical care and surgery, announced in July 2012 it would relocate operations from several distribution centers around the United States into the centrallylocated, 627,000-square-foot facility in Olive Branch.

The Mississippi Development Authority helped Teleflex with relocation and training needs.

Additionally, the City of Olive Branch and DeSoto County provided the company with local tax incentives, officials said. to assist with the project.

Teleflex is a global provider of specialty medical devices for a range of procedures in critical care and surgery. Headquartered in Limerick, Pa., Teleflex employs about 11,500 people worldwide and serves healthcare providers in more than 140 countries.

Meanwhile, the Attala Steel expansion represents a company investment of $5 million and is creating 20 new jobs, nine of which have already been filled.

The company currently employs 34 workers.

The addition of the galvanizing operation, which will use the latest environmental technology, positions Attala Steel as the only steelmaker in the nation with all three processing facilities in one location.

— Ted Carter, MBJ

Competing bids for bankrupt Furniture Brands International could be good news for one of the company’s major subsidiaries, Lane Furniture Industries.

Furniture Brands will be in bankruptcy court in Delaware as a judge will consider several motions.

Among them: equity firm Oaktree Capital Management’s “stalking horse” bid for the furniture company’s assets, including Lane.

A stalking horse bid sets a minimum on an auction for a company’s assets, and allows other potential suitors to make offers.

On Sept. 9, Furniture Brands filed for bankruptcy protection and said it favored a bid by Oaktree for $166 million. The offer included $140 million in financing, plus the assumption of other liabilities.

But the bid did not include Lane.

In its petition, Furniture Brands said other unidentified buyers were interested in Lane and said it expected it to be sold within 30 days.

However, Furniture Brands also notified the Mississippi Department of Employment Security that layoffs of Lane’s then 1,400 employees could begin around mid-October.

Not long after Oaktree’s initial bid, another firm, KPS Capital Partners, made a bigger offer for

Furniture Brands — and its bid included the purchase of Lane.

A bidding war of sorts has since ensued, and the price tag has jumped.

In court documents, Furniture Brands said it favors Oaktree’s latest bid of $260 million. However, the unsecured creditors’ committee said it favors KPS’ even higher bid of $280 million.

Both of those bids include Lane, a hopeful sign for Lane employees.

Furniture Today said Oaktree’s bid “still leaves room for a Lane sale prior to Oaktree’s obtaining FBI’s assets.”

The industry magazine also said KPS is interested in the deal only if Lane continues operations.

The unsecured creditors committee favors the KPS offer, and said accepting the lower Oaktree bid was an “unsound decision.”

A Furniture Brands court filing Sept. 24 shows it estimates operating cash flow to continue through late January, when an auction for its assets is anticipated. But the filing also shows Lane’s contributions to end the week of Oct. 14. From the time of its Chapter 11 filing last month until then,

Furniture Brands estimates Lane generating about $24.9 million in receipts. Its Broyhill, Thomasville and Designer Brands subsidiaries are shown contributing through Jan. 24.

Perhaps that’s why the creditors’ committee prefers KPS’ bid. In its proposal letter, KPS said Furniture Brands’ actions “have evidenced to Lane employees, customer and vendors the intention to liquidate Lane.”

In other news regarding Lane, Tombigbee Electric Power Association and other utility providers in Northeast Mississippi are owed hundreds of thousands of dollars by Furniture Brands International, the parent of Lane Furniture Industries.

In a filing last week with the bankruptcy court in Delaware, Tombigbee EPA, Lee County and Okolona Electric said they’re owed nearly $600,000 by Lane. They also say FBI’s request to set aside less than $900,000 for utility costs is not enough.

Furniture Brands filed a motion after its bankruptcy petition asking the court to prohibit utilities from altering, refusing or discontinuing services.

GAMING/HOSPITALITY

Farmers, fishermen and other food producers were on hand to talk about their fresh offerings, which were prepared and presented by Island View’s culinary staff. Everything from fresh shrimp to goat cheese tarts and handmade pasta to garden fresh vegetables were enjoyed by guests.

The Next Real Food event is Nov. 2 when it joins the City of Gulfport in presenting the first Gulfport Harbor Market Jubilee. It will be a combination of the Gulfport Farmers Market plus cooking demonstrations, artwork, music and kids activities, all held from 9 a.m. to 4 p.m. at the Barksdale Pavilion.

— Lisa Monti, MBJ

superintendent of the Pass Christian School District; Suzanne Ishee, teacher and Minds of Mississippi Grant-Writer; and Dr. David Hyerle, creator of Thinking Maps and founder of Thinking Foundation.

You can get a preview of the documentary on Thinking Foundation’s website (www.thinkingfoundation.org).

— Lisa Monti, MBJ

GOVERNMENT POLICY

Federal shutdown could erase 1 in 5 state paychecks The state's Gross Domestic Product could sustain a severe blow should the federal government shutdown go on for an extended time.

Paychecks earned by federal workers made up 18.1 percent of Mississippi's GDP in 2012, according to the Bureau of Labor Statistics.

The Magnolia State also has the fourth highest percentage — 22.1 percent — of federal workers as a portion of the total workforce, the BLS says.

Only Wyoming — 25.2 percent, Alaska — 24.9 percent and New Mexico — 23.7 percent have a higher percentage of federal employees.

Meanwhile, with a default on the federal looming for Oct. 19, Mississippi could find itself in a long line waiting for federal dollars that normally comes its way. “We won't know the full consequences” until a default occurs, Mississippi Treasurer Lynn Fitch said in a recent interview.

“However, we have some rainy day money,” Fitch added, expressing hope that if the state does dip into its reserves to cover any shortfalls in federals it will be repaid at some point.

— Ted Carter, MBJ

Silver Slipper beginning long-awaited hotel HANCOCK COUNTY — Site prep work is being done in advance of construction on the long awaited Silver Slipper Casino Hotel in Hancock County. The casino will have its seventh anniversary in November. Construction is set to begin in about six weeks and the opening is scheduled for the fall of 2014.

The hotel price tag is be almost $18 million.

There will be 142 rooms on six floors but extras such as convention space aren’t in the plans. No word on how many employees will be hired to work at the hotel.

Full House Resorts bought the casino last year and secured funding for a hotel earlier this year. The company hired R.O. I. Hotel Group of Marco Island, Fla., as the project developer. Wright Hotel Development Portland, Ore., is the general contractor, JCJ Architecture of Hartford, Conn., is the architect and CVC Hospitality Inc. of Orlando, Fla., is the interior designer.

— Lisa Monti, MBJ

GAMING/HOSPITALITY

Island View assures no one goes home hungry GULFPORT — About 200 people attended the Know Your Farmer, Know Your Food tasting recently presented by Real Food Gulf Coast and Island View Casino Resort. Carter Green Steakhouse was the setting for the fourth annual event and organizers already are planning next year’s dinner at the same casino venue.

EDUCATION/ENTERTAINMENT

School district to tell its Katrina story in film PASS CHRISTIAN — The Pass Christian School District has quite a story to tell and now there’s a documentary that’s taking it worldwide. The school district has ranked number one in the state for five consecutive years, maintaining its standing even following Hurricane Katrina.

The documentary, titled Minds of Mississippi: The Story of Pass Christian, will premiere Oct. 3 at an event hosted by the school district and Thinking Foundation, a nonprofit foundation whose mission is to support high quality research on cognitive skills development, creativity and critical reflection from the pre-school level to college. The foundation’s goal is “to transform learning, literacy, teaching and leadership around the world for those with the greatest need.”

The premiere begins at 5 p.m. at the Fleming Education Center Auditorium, USM Gulf Coast Campus, 730 E. Beach Blvd. in Long Beach. Among those set to attend are Dr. Lynn House, State Superintendent of Education; Beth John,

— Dennis Seid, Daily Journal

RESTAURANTS

Four new restaurant open along the Gulf Coast The state Health Department has given its approval to four restaurants to open in the Gulfport area. Here’s a look at that they’re cooking: Blazin Cajun at 2517 28th Street in Gulfport cooks up gumbo, fried calamari, wings, crawfish bites, blue crab and Dungeness crab, clams, potatoes, fried soft shell crab, shrimp and oysters, shrimp poboy, oyster poboy, Philly cheesesteak, hamburgers and much more. Owner here is Lien Nguyen.

Alcove Eatery at 100 Jeff Davis Ave. in Long Beach offers some interesting sounding items including short rib nachos, pulled pork sliders, pulled pork egg rolls, short rib club, Southwest chicken, pizza, burgers, Reuben dog, creme brule and salads.

Timothy Daniels is the owner.

Hillbilly Takeout at 900 East Railroad Street in Long Beach is owned by Richard Farley. The menu includes biscuits and gravy, breakfast burrito, potato soup, pork and beans, beef stew, meatloaf burrito, chili burrito, bread pudding, coffee and something called Hillbilly Mocha. A house specialty?

PaPa John's Pizza at 520 East Pass Road in Gulfport has the standard fare: Pizza, PaPa’s wings, cheese sticks, breadsticks, chicken strips and sweet treats. Victoria Stanley owns the restaurant.

— Lisa Monti, MBJ

October 4, 2013

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Mississippi Business Journal

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MANUFACTURING

Hood could appeal ruling on campaign finance law JACKSON — Attorney General Jim Hood says he might appeal a federal judge’s ruling that part of Mississippi’s campaign finance law creates an unconstitutional burden for people or groups that spend at least $200 to support or oppose a ballot initiative.

U.S. District Judge Sharion Aycock ruled Monday that the state may require some level of campaign finance reporting by people or groups that attempt to influence elections on proposed constitutional amendments that appear on the statewide ballot.

However, she wrote that “under the current regulatory scheme, which is convoluted and exacting, the requirements are too burdensome for the State’s $200 threshold.�

Aycock’s ruling does not change the part of the campaign finance law that requires candidates for statewide office or legislative seats to file reports disclosing the name, address and occupation of anyone donating at least $200 to their campaigns.

Five Oxford residents sued in 2011, challenging Mississippi’s campaign finance reporting requirements for those supporting or opposing ballot initiatives.

They were backing an initiative that ultimately was approved by voters that year, limiting the government’s use of eminent domain to take private land. They were represented by the Institute for Justice, a libertarian group based in Virginia.

Paul Avelar, an Institute for Justice attorney, said in a news release yesterday that Aycock’s ruling is a victory for the First Amendment right of freedom of speech. “In America, you shouldn’t need lawyers and accountants in order to speak about politics; all you should need is an opinion,� Avelar said.

Hood had defended the law, saying it was not burdensome. Hood said yesterday that an appeal of Aycock’s ruling could be difficult because federal courts haven’t been kind to states’ defense of their

own campaign finance laws. “The federal appellate courts have unfortunately opened the flood gates for corporate America to buy elected decisions,� Hood said in a statement to The Associated Press. “I consider the Citizens United decision by the United States Supreme Court to be one of the most damaging court decisions to our American democratic system. When working people and the American press do not know which corporate

interests are funding a political campaign, the working people lose.�

The Supreme Court’s 2010 Citizens United ruling lifted many restrictions on campaign spending by corporations and labor unions.

The vice chairman of the state Senate Elections Committee, Democrat David Blount of Jackson, said yesterday that it’s not difficult for campaigns to keep track of who gives money, whether it’s a campaign for

public office or for or against a ballot initiative. He said disclosure of that information also is not burdensome. “I believe it’s good public policy for people to know who are the major donors to a political campaign,�

Blount said.

Secretary of State Delbert Hosemann’s office did not immediately respond to a request for comment on Aycock’s ruling. — The Associated Press

Entergy Mississippi rates are 10% lower than the national average # $ ! ! $ !

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01. ( # / ,.% !/ .! 0 $%/0+.% (+3/ * 0$! "+.! /0 %/ ,.! % 0%*# (+3 ,.% !/ "+. 5! ./ 0+ +)! *0!.#5 %//%//%,,% .! !*0(5 ,1. $ /! 0$! !* %* / ,( *0 %* '/+* ! +1#$0 0$! )!# 3 00 ,( *0 "+. (!// 0$ * )%((%+* 6 0+ 1%( %0 3+1( $ 2! +/0 )+.! 0$ * )%((%+* $ 0 3 / +10 $400 million %* / 2%*#/ 0+ +1. 1/0+)!./

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HEALTH CARE

Health Department issues CON for Methodist

3. We are acquiring more nuclear power.

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JACKSON — The Mississippi State Department of Health (MSDH) has issued a certificate of need (CON) for a project at a Jackson hospital.

Mississippi Methodist Hospital and Rehabilitation Center Inc., d/b/a Methodist Outpatient Rehabilitation, received CON authority for the construction of a consolidated outpatient therapy facility. The proposed project consists of a 12,300-square-foot building at the 47th block of Jackson Street in Ridgeland that will consolidate three existing therapy clinics currently leased by Methodist in the Jackson Metro area.

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HEALTH CARE

Treatment center opens CORINTH — HealthQuest, PC recently hosted a ribbon-cutting ceremony.

HealthQuest is a private outpatient center and an intensive outpatient treatment facility dedicated to providing psychiatric and counseling services.

— from staff and MBJ wire services

Connect with us: A message from Entergy Mississippi, Inc. Š2013 Entergy Services, Inc. All Rights Reserved.

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