Finance committee recommends $30,000 for hotel feasibility studies in Clinton and Farmer City

Curt Homann, director of the DeWitt County Development Council, asked the DeWitt County Finance Committee for up to $30,000 to pay for two separate hotel feasibility studies — $15,000 per study — to evaluate demand and provide pro-formas for potential bank financing. "I am requesting up to $30,000 for two separate hotel studies for Clinton and Farmer City ($15,000 per study)," Homann wrote in his request and told the committee the studies would take about 30–45 days.

Committee members were told the anticipated hotels would likely be national chains with development costs estimated in the $7 million–$12 million range, and that additional overnight capacity could boost local sales and hotel/motel tax revenues. After discussion, the committee voted to recommend to the full board that $30,000 be allocated from the Economic Development Fund to DCDC to conduct the two studies; the recommendation was made by Commissioner Terry Ferguson and seconded by Megan Myers.

The studies are intended to produce the financial detail that lenders typically require, including pro-formas to support bank financing if investors proceed. Homann also cautioned that developer confidentiality on some projects could limit how much project-specific information can be shared with the committee. The full board will consider the recommendation at a future meeting.