Financial backers may abandon Ferriday apartment deal
Published 12:00 am Wednesday, November 29, 2000
FERRIDAY, La. – Private financial partners could pull out of a deal for a 38-unit apartment complex near Ferriday because of delays in local government approval, a local economic official said Tuesday.
&uot;We ran into some … governmental barriers because of the NIMBY (Not in My Back Yard) mentality, and that has created financing problems,&uot;&160;said Buddy Spillers, president of the Macon Ridge Economic Development Region.
Spillers was referring to concerns voiced by area residents earlier this year regarding the apartments. Those concerns included the potential for public works, crime and traffic problems as a result of the complex, which would be located on Lincoln Road, just outside Ferriday.
Email newsletter signup
The Ferriday Town Council on July 11 approved water and sewer service to those apartments. On July 17, the Concordia Parish Police Jury approved a permit to build the apartments.
The complex is expected to cost almost $2 million for Macon Ridge to build. A government loan covers $400,000 of that cost, but private financial partners — which Spillers would not name — cover the rest.
While admitting that he does not know where Macon Ridge would get funds for the project if such partners pulled out of the project, Spillers said &uot;we will go through whatever channels we need to in order to get this done.&uot;
&uot;We have a great need for good, clean, affordable housing in this area,&uot; he added.
But work on a 16-unit senior citizen apartment complex Macon Ridge has planned for the corner of Ohio and Third streets is on schedule, Spillers added.
Legal paperwork is the only hurdle left to breaking ground for the latter complex, and building should start by Feb. 1, Spillers said.
That complex is being developed using a $1,039,000 federal grant Macon Ridge received in December 1998.