Saturday, July 7, 2007

More On Hotel

Grand Wayne to give $2.5M to project
Harrison Square will get half the amount if developer donates more

"Deputy Mayor Mark Becker told the board that Hardball’s existing commitments to the $125 million-to-$160 million public/private downtown revitalization project are already substantial, and final negotiations could yield still greater investments. He opposed requiring Hardball to come up with another $1.25 million."

"During Friday’s meeting, Becker presented an artist’s rendering of what a six-story Courtyard by Marriott within Harrison Square might look like. He told board members the hotel, the third downtown, probably would open in summer 2009."

"Also Friday, city spokesman John Perlich said an ordinance outlining the bond financing for Harrison Square will be introduced at next week’s City Council meeting. Final approval could come July 24, allowing the bond to be sold in late September or October.

It will have both taxable and tax-exempt elements. The parking garage will be taxable because it will be used for private business. The stadium and public places within the development will be tax exempt."

Proposed downtown hotel wins subsidy

"[Tom] Smith said getting more private investment in the project would help increase community support for a development that has numerous critics."

"There is an existing Courtyard in Fort Wayne, which is also owned by White Lodging. Officials there declined to comment on the proposed new hotel."

"The downtown hotel will have 6,000 square feet of meeting space, which board member Yogesh Parikh said is far less than normal. He said that is a good thing because it will encourage people to use the convention center. Board members in general said they were pleased with the design and scope of the hotel, which they said will help the convention center reach its potential."