Jackson OKs loan for Standard Life project

The Jackson City Council approved this morning loaning developers $900,000 to help purchase and renovate the Standard Life Building downtown. The city is also giving them $100,000 in cash.

The council voted 5-0 with councilmen Jeff Weill and Kenneth Stokes not present.

The city will lend HRI Properties the money, with the provision that if the project succeeds, the city will get $1.7 million in return.

If the project does not come through, the city will lose its money.

Clarion Ledger 4/9/9