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Urbana council approves up to $5.2 million general obligation bonds for Hotel Royer; amends placement agent to Raymond James
Summary
The Urbana City Council approved an ordinance authorizing issuance of up to $5,200,000 in general obligation bonds for the Hotel Royer incentive. Council also approved an amendment replacing the named placement agent from Robert W. Baird to Raymond James.
The Urbana City Council voted to authorize issuance of general obligation bonds not to exceed $5,200,000 to provide a development incentive tied to the Hotel Royer project and approved a late amendment to update the bond placement agent.
On behalf of the Committee of the Whole, Council member Mary Alice moved approval of an ordinance providing for issuance of not to exceed $5,200,000 in general obligation bonds, series 2025. The motion included the financing approach discussed in prior development agreements for the Hotel Royer project. Council discussion focused on whether Tax Increment Financing (TIF)…
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