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Friday, April 05, 2013

Minutes: Common Council Restructures Development Agreement for Hotel

(Minutes: Common Council: March 2013) (5). Braunschweig made a motion, seconded by Brooks, to approve Amendment to Development Agreement for Development of 31-Room Hotel. Wietecha explained that due to low occupancy rates, Boarders Inn & Suites had requested restructuring their agreement. The proposed amendment would 1) extend the tax increment repayment period allowing for lower annual amounts, 2) allow a temporary credit to further reduce the amount of the tax increment repayment (the credit would be based on a portion of the room tax), and 3) would strengthen the city’s security in the agreement by identifying the grant as a service which may be levied as a special charge against the property. Council noted reservations about the proposal but acknowledged this was for unique circumstances. Council stated that all future development agreements should include the special charge mechanism for the city’s security. Motion approved 7-0 on a roll call vote.

1 comment:

  1. Anonymous8:56 PM

    The city will never see its funds. The hotel is a failure. Only a matter of time before it closes and we can say bye bye RAJ.

    ReplyDelete