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City reviews Section 108 loan request for downtown hotel redevelopment
Summary
Developers seek a $3.6 million HUD Section 108 loan guarantee toward a $43.2 million downtown hotel/retail redevelopment; staff said the city would request a public‑benefit waiver for job‑creation thresholds and stressed rigorous underwriting and collateral. Commissioners questioned default risk and monitoring.
City staff presented a Section 108 loan guarantee request from Woodmont Lodging Group to redevelop downtown properties including the Hotel Gordon and Rosenberg Building into a mixed‑use hotel and retail project. The total project budget cited in the presentation was $43,228,708; the developer is requesting $3,600,541 in Section 108 funds to be part of the capital stack.
Staff explained HUD’s public‑benefit standard for CDBG economic development projects — generally $50,000 of Section 108 funds per full‑time equivalent job — and said…
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