Jackson council approves tax-increment financing for Prado Lofts at Meadowbrook

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 total development costs in excess of $50,000,000. Prado also said the plan preserves roughly an extra half-acre of green space near the rear of the site to allow for additional water runoff capacity and to help address existing drainage issues near Eubanks Creek.

Prado: “It’s a project that has required a lot of money. Long term, it will be over 50,000,000. And what we’re asking for your support, if you would be so kind, is of a tax increment finance that allow us to put together the final number and hopefully that we can have you all on-site very soon, to do a groundbreaking.”

The city held a public hearing before the vote; no speakers registered in opposition during the hearing. Council members conducted no extended debate on the floor after the presentation; the clerk recorded the vote as 6–0 in favor.

Nut graf: The approved TIF will allow the developer to package public and private financing components needed to close the project’s final financing. The developer and the council framed the measure as a tool to spur housing and redevelopment in Northern Fondren while preserving riparian green space at Eubanks Creek.

Details and context: The redevelopment will occupy the Old Mac Grace building site and aims to serve as an anchor for Northern Fondren’s redevelopment. Prado told the council the design includes a reserved green area intended to mitigate localized flooding and the project team claims their engineering design addresses a longstanding “floating” issue along the creek’s rear boundary. Prado emphasized the developer’s local presence and long-term commitment to the project.

What the council approved was the TIF plan resolution; the council did not adopt specific tax rates or final bond documents during the meeting. The developer said a groundbreaking is anticipated when final financing is in place; no date or bond authorization was specified during the hearing.

Ending: Council approval clears one procedural step toward closing the project’s financing, but details such as the precise TIF capture amount, the developer’s final financing package and any required board or agency approvals were not given at the meeting. The developer told the council he expects to return with a groundbreaking once financing is finalized.