A Louisiana real estate developer has received a four-year extension to qualify for $48.7 million in Mississippi sales tax rebates by completing a retail center on Lakeland Drive in Flowood.
The rebate for the $165 million Pinelands Lifestyle Center would come from a defunct state incentives program for new retail centers that offered Mississippi-themed amenities. Legislators declined to renew the retail incentives in the 2014 session and let them expire on June 30 of that year. Pinelands Center developer Freedom Real Estate Investors, however, received a certificate earlier that month for the $48.7 million in rebates administered by the Mississippi Development Authority.
The catch was that Freedom Real Estate would have 24 months to complete the Pinelands Center planned for 130 acres owned by Jackson Municipal Airport Authority. Freedom principal Ron Harvey Jr. of Slidell, La., did not gain a lease approval from the Airport Authority until mid December 2015.Read the entire article here. This Pinelands Lifestyle Center was supposed to go at the corner of Lakeland and Hugh Ward, I thought.
With a tentative lease agreement in hand, Harvey persuaded MDA Executive Director Glenn McCullough Jr. to give him four more years to complete the retail project. “This project did receive an extension for 48 months from the original expiration date on the certificate. That extends the project to June 2020,” MDA spokesman Jeff Rent said. “The extension was granted on Jan. 11, 2016.”