RIDGELAND — City leaders have unveiled plans for a new conference center and 250-room full-service resort-style hotel, a project they say will boost tourism and expand economic opportunities in Ridgeland and Madison County.
The project is a partnership between the City of Ridgeland, Madison County and PraCon Global Investment Group.
City officials said Ridgeland has long lacked a venue large enough to host conferences, conventions, trade shows, banquets and regional events, causing many organizations to take their business elsewhere. The new conference center and adjoining hotel are intended to fill that gap while attracting visitors who will also support local restaurants, retailers, hotels and attractions.
“This project represents an investment in Ridgeland’s future,” Mayor Gene McGee said in a statement. “It creates opportunities for local businesses, strengthens our tourism industry, and helps ensure our City remains competitive in attracting visitors and events that contribute to our economy.”
Officials said the development is structured as a public-private partnership designed to generate new tourism revenue rather than rely on existing local tax dollars. Much of the financing will be supported by tourism tax revenues generated by visitors who come to Ridgeland because of the conference center and hotel.
Under the agreement, PraCon Global Investment Group President Gabriel Prado has agreed to direct approximately $18.9 million in tourism rebate proceeds to Madison County to help accelerate repayment of the construction debt instead of retaining those funds as part of the project’s incentive package.
The developer also will make annual debt service payments using revenue generated by operating the conference center. If those revenues are ever insufficient, Madison County would have the authority to place a first lien on the hotel property to help ensure repayment of the debt.
City officials said conference centers are widely recognized as economic development engines because they attract visitors who spend money throughout the community, generating additional sales and tourism tax revenue while supporting local businesses.
Additional details and project updates are expected to be released as planning moves forward.
