Jackson, Miss. – At the Special Meeting of the Board of Commissioners for the Jackson Municipal Airport Authority held last month, the Board voted to enter into an Option to Lease agreement with Freedom Real Estate, LLC, a Mississippi limited liability company. The Option gives Freedom up to 270 days to decide whether to lease up to 130 acres of property owned by the Jackson Municipal Airport Authority.
Freedom Real Estate, LLC approached the Jackson Municipal Airport Authority and ultimately submitted an unsolicited proposal for an exciting opportunity for the Airport, the City of Flowood and Rankin County. The proposed commercial and retail development project also includes, but is not limited to, clothing and apparel, sporting goods, restaurants, jewelry, household goods, and banks. The Project site is bound by Lakeland Drive on the north and Airport Road to the west, excluding the Parkway Shopping Center.
The proposed project included financing components that are time sensitive and necessitated an expedited evaluation and decision by the Board of Commissioners for JMAA to move forward with the Option to Lease Agreement.
Manager and principal owner, Ron Harvey, Jr. is a graduate of Jackson State University and the Mississippi State University School of Engineering.
The Jackson Municipal Airport Authority is not selling but only leasing the land to Freedom Real Estate. Since the Project is not that of the JMAA but rather is that of Freedom Realty, the developer will assume all risks of the development.
To date, appraisers have not yet been identified or hired in that Freedom Realty presently has only an Option to Lease the property. Freedom Real Estate has not decided to exercise that Option. If and when Freedom decides to exercise that Option, JMAA will hire appraisers to determine the fair market value of the property for lease.
All phases of the Project, including the so-called “assessment phase” will be financed by Freedom Real Estate, LLC. It is Freedom’s Project. The Jackson Municipal Airport Authority will essentially be Freedom’s landlord.