GREELEY — The Greeley City Council unanimously approved granting a deferral for the DoubleTree by Hilton near Lincoln Park for a $212,242 payment on its redevelopment agreement for 2021.
Councilmember Michael Fitzsimmons recused himself from discussions on that item.
The payment, which is derived from a 2016 tax-increment financing agreement to repay the city for an advance covering part of the hotel’s construction, is expected to be repaid through the loan’s due date in 2033 under a different repayment schedule.
Tax increments, or TIFs, are financing tools where a specific property’s tax payments are split between the “base rate” of dollars that would be collected if it were never improved and the additional tax revenue generated from the property’s improvements.
The expected increases from the property’s rise in value and tax revenues are then used to repay loans or bonds that financed the improvements.
The 147-room hotel and conference center near the city’s downtown district asked for the deferment as the COVID-19 pandemic “severely limited” its ability to service the loan, as the travel and hospitality industry at large lost significant revenues from stay-at-home orders across the U.S.
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Greeley City Council grants payment deferral to DoubleTree-Hilton for 2021 - Greeley Tribune
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