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Newton approves hotel-incentive framework, BNSF demolition reimbursement and several procurement actions
Summary
The City Commission amended its economic development incentive policy to include a draft hotel incentive framework, approved a demolition reimbursement agreement with BNSF and awarded a $160,000 demolition contract. The commission also approved RFQ selection for a federal Safe Streets grant and set a bid date for the KOP rail extension.
The Newton City Commission on Tuesday approved multiple administrative and procurement items, including a new draft framework to encourage hotel investment, a reimbursement agreement tied to a demolition, and several contract awards.
Hotel incentives: City staff presented a draft hotel-incentive framework that would make available industrial revenue bonds and tax-abatement packages for qualifying new hotels and remodels. The proposal included an 80 percent tax abatement for 10 years for new hotels (with a suggested $5 million minimum investment or at least 60 rooms) and an IRB/rebate option for existing hotels undertaking a full rebrand or major renovation. Staff…
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