Hotel developer gets tax-in-lieu-of-financing grant
by Associated Press
Published: August 13,2012
Tags: financing, grant, hootel, hospitality, lodging, tourism, tourist, visitor
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.
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