The Ledger is reporting that IHL has approved Ole Miss’ purchase of the Oxford Mall for almost $7 million.
If it is OK for Ole Miss to get into the property business by buying a retail development, why is there a hold up over MSU joining in some sort of partnership with Comvest and company on CottonMills?
There may be a great reason floating out there. Any thoughts?
The information that I read never indicated that a partnership with Comvest was not “okay”. Rather, the information that I read indicated that Comvest changed the rules in the middle of the game wanting MSU to be a partner rather than just a seller. MSU is selling the property and according to this article, Ole Miss is buying property.
I think the problem is Comvest did not understand or read all the requirements by the National Trust OR that the National Trust changed the rules in the middle of the game. Obviously, the University was not aware of the Trusts requirement for them to be a tenant.
From SDN on 4/26:
The National Trust Community Investment Corp.’s function is to serve as a facilitator of the placement of federal historic tax credits and new market tax credits to the investment community…we have an extraordinary responsibility to ensure that we perform under the terms of our agreement with the National Trust…One of the loan covenant provisions is that Mississippi State University be a tenant in a portion of the Cooley facility and make an annual contribution towards the ongoing operation of the facility,” Holstein said.