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Council approves downtown hotel financing agreement after split vote
Summary
On second reading the council approved the City Hotel redevelopment financing agreement involving sales-tax sharing; debate focused on downtown preservation, parking and fiscal mechanics.
The Town Council approved an ordinance on second and final reading authorizing a financing agreement for a downtown hotel redevelopment with White Development LLC and the Downtown Development Authority (DDA).
The financing package shares a portion of sales tax revenue generated at the site: the town manager said the developer would be eligible to receive 50% of the town’s 4% sales tax collected at the hotel location for up to 10…
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