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Agency to get $9M loan to fund city’s part of hotel project

JACKSON — The Jackson Redevelopment Authority will get a $9 million loan to help fund the city’s portion of the downtown Westin hotel project.

The Clarion-Ledger reports the agency will borrow the money from investment banking firm, Siebert Brandford Shank & Co., L.L.C. The agency put out a request for proposals from investment firms after there were no bids on the city bonds and received five proposals.

JRA Chairman McKinley Alexander says Siebert Brandford Shank offered the best and lowest bid to finance the project.

Developer Joseph Simpson of Capital Hotel Associates, which is developing the project, says it’s moving ahead as planned.

Hinds County Supervisor Peggy Hobson Calhoun said the goal is to have the hotel in operation for the Southern Legislative Conference, scheduled for 2017.

 

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