Hotel developer gets tax-in-lieu-of-financing grant
by Associated Press
Published: August 13,2012
COLUMBUS — A financing grant has been increased for a Columbus developer planning a hotel.
Columbus-Lowndes Development Link CEO Joe Higgins told the Lowndes County Board of Supervisors the tax-in-lieu-of-financing grant to Columbus Properties, LLC will increase from $3 million to $3.85 million.
The Commercial Dispatch reports developer Mark Castleberry said the money will be used to build a Hampton Inn and Suites hotel at a site on 18th Avenue North in Columbus.
The new hotel will be about the same size as the Fairfield hotel that operates nearby, Castleberry said. Construction on the Hampton Inn development likely will begin at the end of this year or in early 2013.
Construction on a 110-room Courtyard by Marriott hotel on the site is scheduled to begin next month.
Under the tax deal, Higgins told county supervisors the $3.85 million is only payable if the project reaches completion.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- IKE TROTTER: There are primary changes in Social Security for 2014
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- C Spire launches next phase of 1-gig service rollout
- Alcorn's finances being investigated; CFO resigns
- Keeping our eye on... Liz Lancaster
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- Hood issues opinion on open-carry gun law
- GOP Sen. Thad Cochran to run for seventh term
- Texas company buys Tuscaloosa Marine Shale leases