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Jackson council approves tax-increment financing for Prado Lofts at Meadowbrook
Summary
The Jackson City Council on Sept. 9 approved a resolution adopting and implementing a tax-increment financing plan for the Prado Lofts at Meadowbrook redevelopment, authorizing public financing tools the developer says are needed to finish the project.
The Jackson City Council on Sept. 9 approved a resolution adopting and implementing a tax-increment financing (TIF) plan for the Prado Lofts at Meadowbrook project, a redevelopment of the Old Mac Grace building on Meadowbrook. The council approved the resolution after a public hearing; the motion passed on a voice vote recorded as 6–0 in favor. Gabriel Prado, CEO and president of Prakcon Global Investment Group, spoke in support of the plan.
Prado said the project, which has taken more than three years to reach this stage, will begin with a first phase of 135 apartment units and include on-site amenities such as a swimming pool, pickleball court and barbecue areas. He said the full redevelopment program will be “long term” and estimated…
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