Ellington

(JACKSON, Mississippi) * Governor Haley Barbour announced today he will call a special session of the Mississippi Legislature to convene at 9 a.m. on Thursday, August 24, 2006, and deal primarily with a huge job-creating project in northwest Mississippi known as Riverbend Crossing.

"This enormous development will include unique, branded tourist attractions and convention facilities that will benefit not only northwest Mississippi but also the entire state," Governor Barbour said. "The state is pleased to join with local governments in DeSoto County in providing these modest incentives for the project to be located in our state."

Governor Barbour said certain elements of the proposed Riverbend Crossing project, which includes a Metro-Goldwyn-Mayer Company (MGM) entertainment district, require legislative action before they can go forward. Riverbend is a 4,500-acre multi-phase master planned community that will consist of a blend of commercial, recreational, resort, tourism and residential development.

Developers have stated their intention to invest $2.7 billion over 15 years. In the first phase, in return for state support, developers have committed a minimum capital investment of $475 million and creation of a minimum of 3,500 new, full-time jobs.

Governor Barbour said he will ask the Legislature to approve $23 million for public infrastructure * roads, water and sewer * to serve the project. He said he will also seek approval for a tourism sales tax rebate that is limited to 30 percent of capital expenditures for each eligible project investment for 10 years. This sales tax rebate will equal 80 percent of the sales tax collected from each eligible project under a total rebate ceiling of $150 million for the Riverbend project.

The Governor's proposal to the Legislature will include protections for the state's interests and remedies if the developer fails to perform according to detailed terms being developed and signed before construction begins. For example, if projects do not meet investment requirements, they will not qualify for sales tax rebates.

The Governor said he is also working with the leadership of the House and Senate, including the Speaker and Lieutenant Governor and chairmen of the House Ways and Means Committee and Senate Finance Committee, on other issues that he may consider adding to the call if appropriate.

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Previous Comments

ID

88755

Comment

In this case, I think it would be quite stupid to turn the developers away. The project could well bring a lot of money to the state. The area around Memphis is going to be developed, so the development might as well be controlled in some fashion. I believe that these developers are serious. I also thnk that the project, if built as projected, could be a valuable asset to the state as a whole.

Author

tombarnes

Date

2006-08-18T17:22:18-06:00

ID

88756

Comment

Yup, North Mississippi gets more clout.

Author

Ironghost

Date

2006-08-19T00:56:51-06:00

ID

88757

Comment

I see this project as being beneficial for the entire state, not just North Mississippi. I hope that others will be able to look past regional thinking and get this project off the ground. The casinos of SOuth Mississippi have been a benefit to the rest of the state, so I don't see this as being much different. Regional thinking can be a dangerous thing. Mississippi needs to develop tourist destinations in various areas of the state, not just one or two.

Author

tombarnes

Date

2006-08-19T12:42:21-06:00

ID

88758

Comment

It's said that North Mississippi runs the legislature anyway, and putting more political and economic muscle up there just verifies that fact. South Mississippi had this little problem last year, Katrina? Kinda wiped everything out? It'll be awhile before they're back up and running, casinos nonwithstanding. I suppose I should wish them luck and all that.

Author

Ironghost

Date

2006-08-19T13:10:42-06:00

ID

88759

Comment

We need tax revenue and I'm not opposed to one area of the state becoming more developed than the others. I'm tired of the lilliputan attitude that dammit, if we can't have it in our area no one else in this state should either.

Author

Kingfish

Date

2006-08-19T16:41:19-06:00

ID

88760

Comment

north or south, the whole state will lose if this project is given $23 million and a sales tax rebate and what in return - minimum wage jobs? any requirement of energy/environmental concerns? the river for one, the delta. we should not let developers come in , give them money and tax breaks, and oh thanks for some crummy jobs,and maybe some sales tax revenues. let's ask for more. let's not give away the store. Barbour will. well, what do I know. I'm just a leetle suspicious. ha.

Author

sunshine

Date

2006-08-19T17:19:28-06:00

ID

88761

Comment

dunno Barbour will. Fordice gave an interview once where he called Musgrove crazy for all the goodies he gave Nissan and said he would've never given all that to Nissan. Don't sneer at minimum wage jobs. Wasn't too long ago that part of the state led the nation in federal welfare/transfer payments. Alot of them need a minimum wage type job, any job, to start getting off of the poverty level. No, I don't expect it to be a magic wand but it gives them a start at something where before there were no jobs available.

Author

Kingfish

Date

2006-08-19T17:26:14-06:00

ID

88762

Comment

A St. Regis hotel would be a very good thing for the state. Don't sneer at the project. Its scope is broader and, on the whole, better designed than many I have seen. I'd still like to see a few more details, though.

Author

tombarnes

Date

2006-08-19T17:43:08-06:00

ID

88763

Comment

I keep wondering where their concern for Jackson is. They'll spend millions on a beef plant that is a known black hole for cash, but wouldn't be caught dead paying a traffic ticket in Jackson.

Author

Ironghost

Date

2006-08-19T18:03:27-06:00

ID

88764

Comment

If we are willing to spend exorbitant amounts of money to bring in a resort style tourist complex why not instead explore how we could spend this money to make our citizens in North Mississippi controls in their own destiny rather than working for an organization that is sending money out. How many community gardens could we fund? How many small business loans could we provide? Is it possible we could pull ourselves up by our own bootstraps with this money ensuring greater profits in the long run? Environmental restrictions should definitely be considered as well. Perhaps we could require them to establish a minimum wage that is actually enough to pull their employees up to the poverty level since the national one would certainly not be enough. Do we really need to sell off our assets to large corporations to succeed? Perhaps we could legalize prostitution as well...

Author

daniel johnson

Date

2006-08-20T10:31:57-06:00

ID

88765

Comment

I'm still counting on this project to succeed. Indoor snow skiing- yeah, that's the ticket!

Author

Rico

Date

2006-08-20T12:07:00-06:00

ID

88766

Comment

Actually, the indoor snow skiing will be at the Myriad project, not this one. I still think that both projects should be encouraged. Community gardens will come in time, but it's important to encourage development in the right direction in North Mississippi. I'm not saying that N. Miss. should be given exculsive rights to state money...just that this project looks like a good one and that the state would be foolish to turn up its nose at the prospect of a solid growth area.

Author

tombarnes

Date

2006-08-20T12:21:51-06:00

ID

88767

Comment

I agree with D. Johnson about the minimum wage. Requiring a minimum wage that exceeds the national average and/or decent health insurance benefits for project-related jobs would make it a lot more sellable as an anti-poverty scheme and would justify a public investment.

Author

FreeClif

Date

2006-08-21T09:58:21-06:00

ID

88768

Comment

indoor snow skiing -let's do that! it makes so much sense. not. now , leagalizing prostitution, there you go. D. Johnson is, as I think, I may be wrong, but - our wonderful Rainbow Co-op person maybe? if big developers want to come in here and have their way, with us, let's hold them to account. somehow. I don't know quite how. other cities have done it. don't give away the store. I know, I said that already. Love that talk. We deserve more - isn't there some kind of leftover katrina money? superfund? I don't know, I'm just an old retired person, ha. Ready to do something. Let's stand firm. I don't sneer at minimum wage jobs, if they have good working conditions, maybe health care. Gee, I would take one my ownself. But they won't be like that. They will be like China. And we have to pay. Let's hold their feet to the fire on this. They think Miss. is cheap labor. Tax free. No way Jose I say. smiley here.

Author

sunshine

Date

2006-08-21T16:07:55-06:00

ID

88769

Comment

i am indeed. and really, when you consider living on a minimum wage salary...$880/month minus taxes....not a very realistic "livable" quanitity for even a single person. Especially if we consider that with 3,500 jobs many will be driving quite a distance to get there ($$$). Just as we should not allow importation of goods from countries who do not meet our environmental standards, worker conditions, etc. we should not allow companies in our communities who cannot act like true neighbors. Can we not offer tax rebates to the locally owned businesses to promote growth in their sector? Can we not grant loans for entertainment projects that emphasize our local culture rather than a resort that could be anywhere? When we will we capitalize on that which makes us uniquely Mississippi? Why did we hire a firm from out of town to develop the Farrish Street Entertainment District? I have meet business owners who tried to get realestate over there and the City would not sell...this was prior o the announcement of agreements with carpetbaggers. They would already be there taking care of their space... What is going on that we refuce to invest in ourselves?

Author

daniel johnson

Date

2006-08-23T10:16:15-06:00