Councilmen balk at $107M in redevelopment bonds
by Associated Press
Published: November 21,2011
Tags: bonds, commercial development, Commercial Real Estate, community development, construction, downtown, economic development, entertainment, hospitality, municipal government, real estate, redevelopment, tourism, tous=ists, visitors
JACKSON — The Jackson Redevelopment Authority has moved a few steps closer to issuing more than $107 million in bonds for three projects downtown.
But if last week’s city council meeting is any indication, some council members are not at all happy to assist developers seeking the funds.
The Clarion-Ledger reports the city council gave the authority the preliminary go-ahead to issue bonds for the Farish Street Entertainment District and expand the JRA’s footprint downtown. It is a move that will allow the group to float bonds to finance a hotel near the Jackson Convention Complex and a proposed welcome center for the Jackson Convention and Visitors Bureau.
Mayor Harvey Johnson Jr. said the two votes were largely procedural measures.
The authority must return to the council before incurring any debt.
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