from staff reports
Meridian City Council President Bobby Smith says he fully expects the city to honor its agreement with HRI properties and continue with the development of the Threefoot project.
Smith said he hopes new developments on Thursday, which he declined to discuss, could mean unanimous support from councilmen.
"I can't talk about it yet but it may allow us to get all five on board," Smith said. "This is a once in a lifetime offer. I know times are hard, but this is something we need to do."
Councilmen who support the project include Smith, Ward 2 Councilwoman Mary Perry and Ward 4 Councilman Jesse Palmer. The two who have opposed it: Ward 3's Barbara Henson and Ward 1's George Thomas.
It would take three councilmen to oppose the project to terminate the contract with HRI, which is what newly-elected Mayor Cheri Barry said she wants to happen.
If the agreement is terminated, the city would owe HRI $1 million for the costs they have incurred on the project and would have to figure out what to do with the dilapidated Threefoot building.
If the city decides to continue with the project, in which HRI will renovate the historic downtown building into a Courtyard by
Marriott hotel, they will be obligated to guarantee $14 million to the $55 million project.
A representative from White Construction, a general contractor involved with the project, said it would cost between $2.2 and $4.2 million to "mothball," or temporarily preserve, the building. City officials said it would cost somewhere in the millions to demolish.
"I'm concerned as the mayor what kind of commitment this is going to put financially on our city," Barry said Wednesday. "We (the city's administration and its financial and legal advisers) have all decided it is not in the best interest of the city of Meridian for the taxpayers to make this project go forward."
According to documents obtained by The Meridian Star, HRI has receipts totaling nearly $1.3 million on the project to this point. This week, they opened the renovated King Edward in downtown Jackson.
