Farish Street Group getting $10.2M loan from JRA
by Associated Press
Published: March 6,2012
Tags: arts, commercial development, commercial property, Commercial Real Estate, community development, construction, cultural tourism, economic development, entertainment, financing, funding, Heritage, historic, histoy, loan, music, nightclubs, real estate, restaurants, tourism, tourists, visitors
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.
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