n Developers will find out in August about state funding for the Mill Village building.

By Emily Le Coz

Daily Journal

TUPELO - A stalled project to turn downtown's J.J. Rogers building into New York-style loft apartments will go forward.

Rex Todd, who heads the North Carolina-based Todd Development, said his group will make a second attempt to obtain state funding toward the roughly $9 million project in historic Mill Village.

"It's a beautiful property in a beautiful place - a beautiful community," Todd told about a dozen residents at a public hearing at All Saints' Episcopal Church on Wednesday evening. "I think it's a compelling case."

Todd's company is an affiliate of The Landmark Group, another North Carolina firm with 47 years experience with historic rehabs.

Last year, the group had applied but failed to win any of the $4.6 million in housing-tax credits awarded by Mississippi Home Corp. This year, Todd said, some $6.6 million is at stake. He said he thinks the project, called Cotton Mill Lofts, has a chance at winning.

The MHC received 39 applications and awarded tax credits to 11 developments, according to a release. Applicants compete on a points-based system where those with the most amenities score better.

The Cotton Mill Lofts project will offer several amenities: below-market rent, an on-site playground, a computer room, GED classes and washer-dryer combos in each unit. It's similar to the plan pitched last year, except the number of units was scaled back from 64 to 48.

Prices on the units range from $380 for a one bedroom to $601 for a three bedroom, but renters must meet low-income requirements, Todd said.

"I think this is a wonderful thing, and I am looking forward to it," said Jane Carruth, president of the Mill Village Neighborhood Association. "I was disappointed when it didn't happen last year."

The MHC application is due April 3, and awards would be announced in August, Todd said. If the project is approved, Todd's group would purchase the property from Britt and Jameson Rogers, whose family has owned the building since the 1940s but vacated it last year.

Work will begin immediately afterward and finish in December 2010.

Several city leaders said they support the plan, including At-Large Councilwoman Doyce Deas and Department of Development Services Director BJ Teal, both of whom attended the meeting.

"We've torn down enough historic buildings to put up parking lots," Teal said. "We've got to protect and preserve."