Lost Rabbit turns forward to new future
Wednesday, August 27, 2014 1:00 PM
Breathing new life into the Town of Lost Rabbit with its New Urbanism approach to living, the Lost Rabbit Public Improvement District has officially been dissolved and along with it multiple lawsuits and red tape hampering the upscale development.
Development at Lost Rabbit is expected to begin soon.
Months of work on an omnibus settlement agreement over the formerly troubled development on the Ross Barnett Reservoir ended Friday with validation of a new $5.235 million urban renewal district bond by the Madison County Chancery Court. With the validation of new URD money came the end to four lawsuits.
"Everything is over," Madison County Board of Supervisors Attorney Mike Espy declared. "Everything happened Friday."
Espy said there was a virtual closing that essentially substituted $18.7 million worth of PID bonds with the new $5.235 million URD bond by Allstate, the original bond insurer. The $5.235 million URD bond will be paid back over 25 years by a combination of general mills on Lost Rabbit property and a 1 percent fee for new properties.
A negative option placed on a second phase of the development, known as Lost Rabbit South, was lifted by Allstate. This option prevented development of 156 acres of property by Terry Lovelace, a developer wight he legal option to develop on the land.
Stacey Wall, president of the new Lost Rabbit URD board, owns a home and business at Lost Rabbit. He said the excitement level is so high now and he's ready to see the negative stigma be left in the past.
"We are very excited," he said. "Lost Rabbit has been a special place to a lot of people for a long time. People used to come out to Lost Rabbit to camp out, hang out in our younger days."
He said he's ready to move forward with development.
"There's some pent-up demand," he said. "I'm confident that you'll see dirt moving out here on that end by the end of the year."