Plans are in motion to fund a convention center hotel downtown, with developers and city officials hoping to get everything togehter in time to get Gulf Opportunity Zone Bonds for the project before they expire at the end of the year.
The Jackson Redevelopment Authority board voted this morning to take several steps toward sealing the hotel deal with developer TCI. The board voted to approve a purchase agreement with TCI, to get the land for the hotel appraised, to request a rating for the bonds and to approve a request for proposals to send out.
The board also voted to allow JRA to put out an RFP allowing 15 days for responses, rather than the usual 30 days. Putting out the RFP could theoretically allow another developer to make an offer to compete with TCI's, but board members admitted it is unlikely since TCI owns the property upon which the city hopes to build the hotel.
"We are friends with TCI whether we want to be or not," said Board Member John Reeves. "We're married to them. They own that property."
Another board member joked that people who are married aren't always friends.
"Well, we can't get a divorce, either, because there's too much property," Reeves replied. "It'd be cheaper to keep her."
Lucien Bourgeois, an attorney working on the deal, said it will be tough to get the deal finalized before the Gulf Opportunity Zone bonds, which developers hope to use to finance the hotel, become unavailable on Dec. 31. Bourgeois' timeline calls for closing the deal Dec. 29.
Watch jacksonfreepress.com for continuing coverage of the convention center hotel deal.
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