County Council to Vote on Hotel Debt Guarantee: Majority Favor It

FEBRUARY 11, 2014- The fate of the Convention Center Authority's tax exempt hotel lies in the hands of County Council.
JET 24 Action News, can confirm that a majority of County Council members are supporting the Convention Center’s hotel loan guarantee.
Those members include Chairman Kyle Foust, Ed DiMattio, Jay Breneman and Phil Fatica.
There has been much debate over the Convention Center Authority's proposal; And how if it fails, the taxpayers may feel the financial burden from the tax exempt hotel.
Tuesday afternoon, the authority approved a $65 thousand dollar credit enhancement fee which would go back to the county in exchange for a loan guarantee....
The loan guarantee is for the full amount of the authority's hotel project.
In addition, there was debate over reducing the amount of rooms in the Authority's proposed hotel…  But ultimately, the Authority and the County Executive agreed to keep the proposed hotel at 191 rooms.
Although the vote is not a done deal just yet, Nick Scott Jr. of Scott Enterprises who is building privately funded Harbor Place on the bayfront says council’s decision is difficult to process.
The meeting taking place tonight at 7 p.m. in council chambers...

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