Loans target Farish growth24 October 2004
The Mississippi Development Authority has authorized two $1 million loans for businesses in the Farish Street Entertainment District.
Integrated Management Services and Farish Street Redevelopment each received the funds, Steve Martin, MDA spokesman, said Friday. The money has not been disbursed.
The city completed $2 million in infrastructure work earlier this year, but few businesses have opened.
These are the first grants given from the $6 million in low-interest loans set aside by the Legislature to spur redevelopment of the district, which is along Farish Street, between Amite and Hamilton streets.
Memphis-based Performa Entertainment Real Estate is developing the two blocks with restaurants, shops and clubs.
John Calhoun, CEO of Integrated Management Services, is renovating the former Addkison Hardware Co. store on Amite Street. The 50-year-old store closed in August 2001.
The total project cost is $1.4 million. The MDA loan will be repaid over 20 years, Calhoun said.
"Everybody wants to see something on Farish Street," Calhoun said. "It's time for something to happen."
Calhoun will move his headquarters from an 8,000-square-foot office downtown into the 18,500-square-foot former store.
The engineering firm has more than 300 employees nationwide, he said. About 45 workers from his Jackson office will move, and he plans to hire another 45 employees.
Mayor Harvey Johnson Jr. could not be reached for comment, and officials with Farish Street Redevelopment could not be located.
Cato Walker III, senior vice president of development for Performa, would not comment.
In March, the city's Historic Preservation Commission approved Performa's architectural drawings to refurbish 212 Farish St. and 230 and 232-234 Farish. Officials would not reveal who would move into the buildings.
Source: The Clarion-Ledger
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