Farish Street Group getting $10.2M loan from JRA
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.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- McDaniel cites Gunn's challenge in his attempt to overturn loss to Cochran
- Grain buyer’s bankruptcy could take steep toll on Delta farmers
- UPDATE — David Watkins says JRA left him in dark about HUD's Farish St. involvement
- Mad Genius, Eyevox owner acquires Mississippi Film Studios
- Mississippi no longer has highest unemployment rate in nation
- Once the bane of only Southerners, kudzu is migrating north and west
- Payday lender, fired executive exchanging blame for lender’s regulatory woes
- Senators push for protecting steel producers from imported rebar
- SouthGroup Insurance named to 'Best Practices' study