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Local developer says he has paid survey and engineering bills for stalled American Hotel project
Summary
Property owner Avaya Sherwood told the council he has presented payment to the city clerk to cover professional survey and engineering bills tied to his American Hotel development, which he said had a projected cost of roughly $5.5 million and benefited from TIF infrastructure work.
Avaya Sherwood, a Princeton property and business owner, told the City Council he has presented payment to the city clerk to cover survey and engineering bills connected with the American Hotel project at U.S. 26 and Interstate 80.
Sherwood said the overall project cost was about $5.5 million and that the site is in a TIF (tax-increment financing) district. He told the council the city waived building-permit fees and extended sewer, water and power service to the hotel site as part of the development agreement. "One of the things that the city did was building permits, waived that. And they also agreed that they would put in the sewer line and the water line and the power line, which they did," Sherwood said.
Sherwood said the contract called for the city to pay for professional services such as survey and engineering work for the hotel and possibly adjacent property. When those bills arrived, he said he arranged financing through his banker and then presented payment to the city clerk during public comment.
Mayor (unspecified) and other council members thanked Sherwood for his work and his investment in downtown Princeton. Sherwood also noted he has sought to bring visitors into Princeton through his other properties and businesses for more than four decades.
