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Hamilton board reviews $35 million hotel plan, a 30-year TIF and 15-year CRA with school make‑whole deal
Summary
Board staff updated the Hamilton City Schools board on a proposed two-hotel development at Martin Luther King and High Street that the presenter said grew to a $35,000,000 project, includes a 30-year TIF and a 15‑year 100% CRA, and features a negotiated school compensation ('make whole') agreement and a 50/50 income‑tax split with the city.
Mister Sprague told the Hamilton City Schools Board that a previously discussed downtown hotel development has expanded and is now being presented as a $35,000,000 project that would include two hotels, a Home2 Suites and a Hampton Inn, and roughly 160–180 rooms. "Just received an update from Jody Gunderson that that number is now a $35,000,000 project with, approximately a 160 to a 180 rooms," he said.
The presenter said the deal includes a 30‑year tax increment financing (TIF) arrangement and a 15‑year 100% community reinvestment area (CRA). As part of the negotiation, the district and city agreed a school compensation or "make…
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