Hotel: County says yes

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July 26, 2017 - 12:00 AM

Allen County commissioners opened the door Tuesday morning for construction of a new hotel at the east edge of Iola.

Commissioners voted unanimously to underwrite 50 percent of the cost of land for the facility, with the provision the $167,500 be repaid through a 2 percent Community Improvement District tax that will be assessed to hotel guests.

Bill Michaud, the hotel developer, predicted the CID income would repay the county’s investment — terminology Commissioner Tom Williams referred to as “a loan”  — in three to four years. While the tax is imposed, half will go to the county and the other half to the developer until each recoups their investment. State law permits CID designation for up to 22 years. After the loans are satisfied the tax will be rescinded.

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