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Boards approve extension to hotel restaurant incentive so Cambria can receive pledged grant
Summary
EDC and CDC authorized the town manager to execute an amendment extending a Chapter 380 economic development agreement tied to the Cambria hotel's restaurant so a pledged grant (total $250,000) can be delivered following issuance of certificate of occupancy Nov. 4; counsel had approved the extension Nov. 13.
Speaker 4 briefed the boards on a Chapter 380 economic development agreement entered March 10, 2022, that included a $250,000 grant to support a restaurant at the Cambria hotel. "The grant was for 250,000," Speaker 4 said, and the town and the boards each budgeted $125,000 to support the incentive.
Speaker 4 said the hotel's certificate of occupancy (CO) was issued Nov. 4 and counsel approved extending the agreement at counsel's Nov. 13 meeting so the grant can be provided per the original negotiation. Speaker 3 made a motion to execute the amendment to extend the agreement deadline to Nov. 4, 2025; the motion was seconded and passed by voice vote for the EDC and CDC.
Board members clarified that no additional funds beyond what was budgeted are being requested and that the amendment only moves the deadline to allow disbursement now that the CO is in place.
