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Madison County adopts urban renewal plan to enable Ridgeland conference center; board authorizes financing up to $48 million
Summary
The Madison County Board of Supervisors on July 20 adopted an urban renewal plan to facilitate a conference center and hotel in Ridgeland and approved a second resolution to engage professionals to develop a financing package authorizing up to $48,000,000; members debated taxpayer risk and protections in the financing structure.
The Madison County Board of Supervisors voted July 20 to adopt an urban renewal plan designed to facilitate construction of a conference center and a hotel in Ridgeland and approved a follow‑up resolution to engage professionals to assemble a financing package. The board’s actions authorize up to $48,000,000 in project financing, and staff said the package will be brought back to the board for final approval.
The board opened a public hearing on the plan and then moved to close the hearing and adopt the plan. Pippen, speaking for staff, said, “the urban renewal plan authorizes up to $48,000,000,” and explained that the urban renewal statute allows project revenues and a tourism tax rebate to be applied toward debt service on financing related to the project. After the hearing, the board voted to adopt the plan and separately to engage legal and financial professionals to develop the financing structure.
The decision prompted debate on the board about the use of county financing for what some members described as a project that would primarily benefit visitors rather than most county residents. One supervisor argued, “I don't think that this is a good use of our tax dollars,” saying the county should prioritize infrastructure such as roads. That supervisor voiced concern that a 20‑year debt could reduce the county’s flexibility to lower taxes or fund public safety and roadwork.
Pippen and other staff responded that the financing structure includes protections for the county. Pippen said revenue from the conference center and hotel, along with a tourism‑tax rebate the city has arranged with the state, would be applied to debt service. She added the statute also allows a special assessment on the hotel if there is a revenue shortfall. The board discussed a typical financing term of 20 years but noted that payback could be shorter if revenues allow.
Board members approved both the urban renewal plan and the engagement resolution by voice vote. Staff said the next steps will be to solicit proposals from financial and legal advisors and to return to the board when a specific financing package is ready for review. No specific financing instrument or lender was approved on July 20.
The board’s adoption makes the urban renewal plan available as a legal framework to structure public‑private financing and tax incentives tied to the project; the engagement resolution authorizes staff to retain professionals to pursue and negotiate the financing terms and bring those terms back to the board for final action.
