Stanford woes affect Fairpark group

TUPELO – The Stanford Financial fraud case is figuring into neighborhood politics in Fairpark.
The Tupelo Redevelopment Agency, which governs Fairpark, is working to merge the commercial and residential associations in the district.
But to do that, TRA has to get signatures from 80 percent of the commercial and residential occupants, plus the board members for the associations.
When the groups were created last year, Stanford Financial Group owned the building at the southwest corner of Main Street and South Commerce Street.
John Mark Holliday, a financial adviser at Stanford, was appointed to the commercial board.
But when the U.S. Securities and Exchange Commission started its fraud investigation into Stanford, it placed all of its assets in the control of a receiver. The assets included Stanford’s building in Fairpark.
TRA Chairman John Oxford said TRA or its attorney with Mitchell McNutt amp& Sams must “contact the receivership and see where they are with that property … We have to see who can sign.”
TRA held a meeting at City Hall on Thursday for Fairpark residents and commercial owners, where Mitchell McNutt attorney Otis Tims answered questions and got signatures.
He hopes to get the rest in the next six weeks. Tims encouraged anyone who missed the meeting to contact him (662) 842-3871.

Carlie Kollath/Daily Journal

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