It appears the Jackson Redevelopment Authority managed to sell $9 million of urban renewal bonds to fund construction of the Westin Hotel project that had stalled. An official statement was registered yesterday with EMMA* that stated eight maturities were sold. The project's progress stopped last month as it awaited funding from JRA.
The Stimley-Brown Law Firm provided counsel to JRA for this transaction. Pernilia Stimley-Brown is the aunt of Jackson City Council President Melvin Priester, Jr. and the sister of Charlene Priester. The financial adviser was Comcap Advisers (Community Capital division) of Memphis. Jones Walker, LLLP served as bond counsel while Baker Donelson served as underwriter's counsel.
The bonds were sold in a series of transactions that took place from Wednesday to Friday.
One interesting item: Page six reveals the existence of a contribution agreement between JRA and the city of Jackson:
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*The Electronic Municipal Market Access system, or EMMA®, is the official repository for information on virtually all municipal bonds. EMMA provides free public access to official disclosures, trade data, credit ratings and other information about the municipal securities market.