Cumberland Inlet to Close
On Wednesday June 2nd, the JDA initiated the bond issuance and closing process for Jacoby Development’s Cumberland Inlet Project on the old Gilman Paper Mill Site. We are incredibly excited to show everyone the progress as it occurs over the coming weeks, months, and years. The JDA and the City of St. Marys have worked very hard to bring this project to this point and we hope the citizens of St. Marys and Camden County reap the benefits of this project for years to come. Below is the official statement from our Board Chair: Tanya Glazebrook.
“Today’s unanimous vote by the Joint Development Authority Board of Directors to approve issuance of a bond to Jacoby Development Inc. (JDI) to facilitate the purchase of the former mill site and create a much-anticipated Cumberland Inlet moves the project one step closer to reality.
The JDA has been working closely with Jim Jacoby for the past two years to move Jacoby’s vision for a multi-million-dollar project to reality. The two groups signed a memorandum of understanding (MOU) a year ago outlining mutual responsibilities. As a part of that Agreement, the JDA stipulated nine closing conditions that JDI must meet in order for the Authority to commit to a bond issuance. JDA wanted a level of assurance that the developer could repay the bond. The last two closing conditions were met last week clearing the way for the Board vote today.
“All successful public/private partnerships require a financial investment from both parties and the Board was keenly aware that taxpayer dollars are the source of public investment,” said JDA Board Chair Tanya Glazebrook. “That concern led to the rather restrictive nine-point closing conditions placed on the project by JDA. We are pleased that all nine have now been et and it is time to move forward with the largest public/private partnership in Camden history.”
When the Cumberland Inlet project is completed, the JDA investment is expected to result in a $500 million venture that began with the seed money of a public issued JDA $10 million bond. The private developer will also repay the JDA for the initial investment as the project progresses. The private sector investment is expected to be the largest ever in Camden County.
JDA aggressively pursued well known project developers with reputations for breakthrough projects and experience with Brownfield sites. Among those developers, one stood out as having the vision, experience, and sensitivity to local concerns that would enhance the success ratio. Convincing James Jacoby to take another look at the property he was once interested in, JDA staff worked closely with Jacoby and potential sub-developers to move the project forward. The COVID impact slowed the process but not the enthusiasm or interest. It became clear Jacoby had a passion for the potential of Cumberland Inlet.
When the project was initiated, the Authority envisioned a unique opportunity to take a property that had languished for almost 20 years as a community eyesore and create an economic driver for Camden. Cumberland Inlet is envisioned to be that economic stimulus for new jobs, a new tax base, new businesses, and additional customers for current businesses. It will benefit not just St. Marys where it is physically located, but all communities in Camden.”