Council approves contract for public safety complex funding opti - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Council approves contract for public safety complex funding option

Hattiesburg Police Department Source: WDAM Hattiesburg Police Department Source: WDAM
HATTIESBURG, MS (WDAM) -

The Hattiesburg City Council approved an agreement with a consulting firm to help the city locate New Market Tax Credits (NMTCs) to fund construction of its public safety complex.

According to its agreement with the city, Oregon-based firm IPR Consulting, Inc. will "provide financial consulting services as Financial Advisor and Management Consultant" to find an investor willing to buy Hattiesburg's tax credits and pay for the project. 

IPR Consulting lists seven specific goals in its contract: 

  • Secure proposals for an allocation of of NMTCs
  • Obtain a proposal for the investor(s) for purchasing the NMTCs allocation
  • Manage due diligence for closing the NMTCs transactions
  • Assist staff to prepare proforma financials, appropriate sources and uses documentation, draw schedules and other documents for closing the NMTCs transaction
  • Provide guidance to accounting staff for the 7-year compliance reporting and audits
  • Coordinate day-to-day activities of the specialized professional services for NMTCs from the attorney, transaction accountant, closing officer and others as directed
  • Other duties as mutually agreed upon for general oversight of obtaining project development.

Hattiesburg will pay the consultant two forms of cash compensation, according to the agreement.

The city will pay 4 percent of overall transaction amounts, which will be paid in two installments. The first $50,000 retainer fee is payable immediately now that the council has approved the contact the second installment is the balance due "upon closing each NMTC transaction." So, if the consultant finds a target transaction amount $10,000,000, that "would result in compensation of $350,000 at closing and which is net including credit for the initial payment of the retainer." If a second $10,000,000 transaction is approved, then the compensation would be $400,000 at closing.

The second compensation plan is "no less than monthly" payments starting Sept. 30, 2016 to Hattiesburg's representative, who is former Hattiesburg Chief Financial officer Connie Everett. Everett will be paid $140 per hour.

Hattiesburg Council President Carter Carroll said he is excited to begin the process of looking for funding options to build the city's new public safety complex.

Copyright WDAM 2016. All rights reserved. 

  • Local NewsLOCALMore>>

  • WDAM has learned more about the car wreck that killed 20 year old Tyone Clemons.

    More details revealed in wreck that killed EMCC athlete

    More details revealed in wreck that killed EMCC athlete

    Monday, November 20 2017 11:35 PM EST2017-11-21 04:35:30 GMT
    Tyone Clemons. SOURCE: EMCC AthleticsTyone Clemons. SOURCE: EMCC Athletics

    WDAM has learned more about the car wreck that killed 20 year old Tyone Clemons. He was an East Mississippi Community College defensive lineman, and was a former West Jones High School all star athlete. Jessica Bowman was at the scene in Jones County Monday learning more about who Clemons was in the car with and what happened during this deadly accident Saturday morning.  Best Friends, teammates and brothers. That's what best describes 20 year old Tyone Clemons and 19 year old T...

    More >>

    WDAM has learned more about the car wreck that killed 20 year old Tyone Clemons. He was an East Mississippi Community College defensive lineman, and was a former West Jones High School all star athlete. Jessica Bowman was at the scene in Jones County Monday learning more about who Clemons was in the car with and what happened during this deadly accident Saturday morning.  Best Friends, teammates and brothers. That's what best describes 20 year old Tyone Clemons and 19 year old T...

    More >>
  • Over 400 auto burglaries in Hattiesburg, HPD turns to technology to help

    Over 400 auto burglaries in Hattiesburg, HPD turns to technology to help

    Monday, November 20 2017 11:02 PM EST2017-11-21 04:02:19 GMT
    Photo credit: WDAMPhoto credit: WDAM

    So far, in 2017 the Hattiesburg Police Department has recorded 454 auto burglaries in the Hub City. MOBILE USERS WATCH LIVE HERE An auto burglary is considered a “Part 1 Offense,” and it’s one thing the police department is setting their sights on reducing. “Any citizen of Hattiesburg should be able to go to the actual local shopping center and go there and not have to worry about their vehicle getting broken in to," said Hattiesburg Police De...

    More >>

    So far, in 2017 the Hattiesburg Police Department has recorded 454 auto burglaries in the Hub City. MOBILE USERS WATCH LIVE HERE An auto burglary is considered a “Part 1 Offense,” and it’s one thing the police department is setting their sights on reducing. “Any citizen of Hattiesburg should be able to go to the actual local shopping center and go there and not have to worry about their vehicle getting broken in to," said Hattiesburg Police De...

    More >>
  • USM blasts Blue Mountain, 90-46

    USM blasts Blue Mountain, 90-46

    Monday, November 20 2017 10:30 PM EST2017-11-21 03:30:48 GMT
    Photo credit: USMPhoto credit: USM

    The University of Southern Mississippi opened play in the Sanford Pentagon Showcase Monday night about 1,100 miles from the site of the round-robin tournament’s next three rounds. 

    More >>

    The University of Southern Mississippi opened play in the Sanford Pentagon Showcase Monday night about 1,100 miles from the site of the round-robin tournament’s next three rounds. 

    More >>
Powered by Frankly