RIDGELAND, Miss. (WJTV) – The City of Ridgeland announced plans are moving forward for a new conference center and a 250-room full-service resort-style conference hotel.
“This project represents an investment in Ridgeland’s future,” said Ridgeland Mayor Gene McGee. “It creates opportunities for local businesses, strengthens our tourism industry, and helps ensure our city remains competitive in attracting visitors and events that contribute to our economy.”
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Officials said PraCon Global Investment Group President Gabriel Prado has agreed to direct approximately $18.9 million in tourism rebate proceeds to Madison County to help accelerate repayment of the construction debt rather than keeping those funds.
In addition, the developer will make annual debt service payments from the revenues generated by operating the conference center. Should those revenues ever fall short, officials said Madison County has the authority to place a first lien on the hotel property to ensure repayment of the debt, providing an added layer of protection.
As planning progresses, Ridgeland leaders said they look forward to sharing additional updates with residents.
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