JRA could issue $107M in bonds for development
by Associated Press
Published: November 10,2011
Tags: bonds, Central Business District, convention and visitors bureau, downtowns, economic development, entertainment, hotels, lodging, meetings and conventions, night clubs, restaurants, tourism, tourists, visitors
JACKSON — The Jackson Redevelopment Authority could soon issue $107 million in bonds for three economic development projects — including two that have endured a host of delays.
The Clarion-Ledger reports the bonds will go toward financing a hotel to be built across from the Jackson Convention Complex, the Farish Street Entertainment District and a new headquarters/welcome center for the Jackson Convention and Visitors Bureau.
JRA will vote on the proposal at its Nov. 23 meeting and then Jackson City Council would have to approve issuing the bonds.
The hotel commands most of the bonds, at $96.1 million. As part of a tentative agreement, the city of Jackson and developer Transcontinental Realty Investors of Dallas would equally split responsibility for debt service shortfalls.
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