KANSAS CITY, MO— Plans to redevelop the old President Hotel here got a big boost on Nov. 14 with the endorsement of $21.5 million in tax incentives. The $80 million project would transform the empty landmark into a 200-room boutique hotel managed by Wyndham International and add 229 luxury apartments on the remaining block. Developer Ronald Jury of Overland Park said the hotel, slated for completion by spring 2003, encountered problems with financing after the Sept. 11 terrorist attacks. “Its been a lot of work, and Im pleased to say were over the hurdle of the financing,” said Jury. “It hasnt been easy with September 11. Hospitality lending in general was put on hold overall, but its been improving since then.” The financial package includes a $36 million loan from Collateral Mortgage, formerly Charter American; a $10 million loan from Ultra LLC, an AFL-CIO-backed lender; $13 million in state and federal historic tax credits; and $3 million in cash. The $21.5 million in TIF assistance would come in the form of bonds issued by the city, which would be repaid by the additional tax revenue generated by the project. The developers are seeking Super TIF designation for the project, which would use 100% of the additional sales and earnings tax revenue generated by the project to help finance its development. SOURCE: The Kansas City Star, MO
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