The day before officials head to Washington, D.C., to try to secure federal funds for a project to turn Meridian’s Threefoot Building into a hotel, they toured the building and met with local lenders who may be interested in financing the $25 million project.

Nick Walters, state director of the U.S. Department of Agriculture’s office of Rural Development, and Ken Stribling, public information coordinator for the department, were in Meridian on Monday to tour the Threefoot Building and the MSU Riley Center for Education and Performing Arts.

“The tour was impressive and I am more dedicated than ever to making the project happen,” Walters said. “It is very easy to understand how critical the Threefoot Building is to the success of the overall project.”

The federal government may guarantee a loan of up to $25 million for development of the Threefoot Building. Walters said the loan would be made by a private lender to a public or quasi-public entity, which in turn would work with the project developer.

The loan could be made to the city of Meridian or to the Mississippi Communities Development and Investment Corp.

A Jackson developer last month signed a contract to purchase the building with plans to turn it into a hotel to support the Riley Center, which is slated to open later this year.

Walters said he is headed to Washington, D.C., today to start work on obtaining a waiver for the city of Meridian to participate in the community facilities loan program. Before Hurricane Katrina, Meridian did not qualify for that type of assistance because its population is more than 20,000.

But Walters believes Meridian will receive the waiver because of the work of the local congressional delegation.

Meridian Mayor John Robert Smith said each bank in Meridian had a representative at the meeting on Monday. He said the meetings and tour went well.

“This moves the Threefoot Building one step closer to reality,” Smith said.

Jeff McCoy, president of Community Bank and MCDIC board member, attended Monday’s meeting. He said he was encouraged by the overall presentation, but he would like more information about the project before making a final decision.

“If an agency is willing to give a guarantee, it gives banks more flexibility,” McCoy said. “But it still boils down to do we expect it to make sufficient income to meet its obligations.”

Walters said once the waiver is obtained, the USDA will guarantee the loan.