The Jackson Redevelopment Authority took initial steps toward lightening its debt burden today, with a vote to authorize the refinancing of $9 million in debt. The vote also paves the way for renovations to the future home of JRA's offices, the Richard Porter Building downtown.
The three-story building, adjacent to the city's Warren Hood Building on South President Street, has been unoccupied because of mold and water seepage issues, JRA Executive Director Jason Brookins said. With their unanimous vote, JRA board members approved a plan to issue up to $1.5 million in bonds for the Porter Building renovation. Brookins said that the building will house other city departments, still to be determined, in addition to JRA.
At its previous meeting, JRA hired Texas-based Rice Financial Products to underwrite the bonds and Porter Bingham of the Atlanta-based Malachi Group as its financial advisor. The refinancing would limit the agency's annual debt service costs to roughly $750,000 per year through 2032, Brookins said. Brookins declined to share with the Jackson Free Press a more specific estimate of yearly costs under the refinancing plan, though, saying that it was still subject to change. An estimate of fees for Bingham's and Rice Financial Products' work was not immediately available, he said.
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