Redevelopment Authority approves $100,000 support for Eugene Hotel restoration

The Monroe Redevelopment Authority voted to approve a developers agreement to provide $100,000 in support for restoration of the Eugene Hotel. The vote followed staff presentation of a draft agreement distributed to members and developers the same day.

Administrator Rindy told the board the draft calls for $100,000 in RDA support for construction materials and labor. “Included in there, the amount is for a $100,000,” Rindy said, noting the agreement was shared with developers that day and could still be revised. Members emphasized the funds would not be spent until the project demonstrates full private financing and begins construction; one member said, “so they start they take out the building permits, then we'll pay them a 100,000 within 30 days whenever, you know, we get done,” describing a payment trigger tied to permits and receipts.

Board members asked for documentation and for the developer to provide a legal property description and plans to attach to the agreement. A newly seated member raised concerns that the hotel project would absorb a significant portion of remaining RDA funds and asked members to note why this project differs from prior grants. Administrator Rindy said the project fits within the RDA’s mission and that members should document the rationale and consider future funding options.

The motion to approve the developer agreement was made, seconded and carried by roll call. The board recorded the action and asked staff to ensure the agreement includes verification of financing, permit triggers and required receipts before funds are disbursed.

The authority did not specify an exact payment schedule beyond the permit-and-receipts trigger; staff said they would work with the developer on final language and accompanying materials.