JACKSON — Developers of the Farish Street Entertainment District have taken the first step toward securing money needed to finish construction on the first block of the $100 million project in downtown Jackson.
Yesterday, the Jackson Redevelopment Authority approved a non-binding agreement with Farish Street Group for a $10.2 million loan.
As collateral, developers would put up $11 million in historic tax credits that will be used to redevelop Farish Street, once the center of African-American life in Jackson. As those credits come in, the loan would be paid down.
David Watkins, Farish Street Group’s lead developer, tells The Clarion-Ledger the loan would be repaid over two years from the date a final agreement is closed with JRA. That closing could come as early as May.