GREELEY — The Greeley City Council will discuss whether to give the DoubleTree by Hilton-branded hotel near Lincoln Park another deferral on its $212,242 property tax bill.
According to its agenda for Tuesday’s meeting, the 147-room hotel and conference center at 919 Seventh St. has had significantly lower revenue this year due to the ongoing pandemic and “severely limited” its ability to service its debt to the city.
The hotel’s conference center was partially financed by city dollars in a 2016 agreement, where the hotel’s ownership group would repay through 2033 via a combination of property-tax increments, sales taxes and other revenue sources.
The hotel is asking the city to defer collecting the $212,242 property tax bill due in 2021, which would be repaid by the 2033 deadline under a different payment plan. The city already approved a request to defer the hotel’s property-tax payment earlier this year.
Greeley Downtown Development Authority executive director Bianca Fisher told BizWest that the deferment will give the hotel all of the revenue generated from the tax-increment financing agreement for the property this year and next rather than splitting those revenues between it and the city.
The idea is to grant additional time for the hotel to return to normal revenues before requiring it to pay back what’s owed.
“It’s no different than with the Weld County Commissioners giving and allowing people to delay their property-tax payment,” she said.
The hotel is part-owned by an investment group of 13 local residents, including Mineral Resources Inc. president Arlo Richardson, Ghent Chevrolet owner Bob Ghent and Ehrlich Toyota owner Scott Ehrlich.
© 2020 BizWest Media LLC
GREELEY — The Greeley City Council will discuss whether to give the DoubleTree by Hilton-branded hotel near Lincoln Park another deferral on its $212,242 property tax bill.
According to its agenda for Tuesday’s meeting, the 147-room hotel and conference center at 919 Seventh St. has had significantly lower revenue this year due to the ongoing pandemic and “severely limited” its ability to service its debt to the city.
The hotel’s conference center was partially financed by city dollars in a 2016 agreement, where the hotel’s ownership group would repay through 2033 via a combination of property-tax increments, sales taxes and other revenue sources.
The hotel is asking the city to defer collecting the $212,242 property tax bill due in 2021, which would be repaid by the 2033 deadline under a different payment plan. The city already approved a request to defer the hotel’s property-tax payment earlier this year.
Greeley Downtown Development Authority executive director Bianca Fisher told BizWest that the deferment will give the hotel all of the revenue generated from the tax-increment financing agreement for the property this year and next rather than splitting those revenues between it and the city.
The idea is to grant additional time for the hotel to return to normal revenues before requiring it to pay back what’s owed.
“It’s no different than with the Weld County Commissioners giving and allowing people to delay their property-tax payment,” she said.
The hotel is part-owned by an investment group of 13 local residents, including Mineral Resources Inc. president Arlo Richardson, Ghent Chevrolet owner…
This article has been intentionally blurred.
You must purchase a subscription to view the rest of this content.
Want to See More!?
OR
Start your subscription to BizWest, The Business Journal of the Boulder Valley and Northern Colorado, TODAY!
Print + Digital
$7/mo
billed monthly
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-month subscription to BizWest & all of the publications in print version.
Digital
$7/mo
billed monthly
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
Unlimited
$25/mo
billed annually
- 1-year online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year subscription to BizWest & all of the publications in print version.
- 1-year premium online access to unlimited downloads from the BizWest Datastore!
Your promotional subscription will automatically renew at the full rate on the date of your subscription maturity. Reminder notices will be emailed before each auto-renewing payment to the email address on file. You may cancel at any time by calling (970) 232-3143 or emailing bdennis@bizwest.com. Your BizWest subscription also includes a complimentary subscription to the BizWest email newsletter, and you may easily unsubscribe from this at any time by emailing bdennis@bizwest.com.
"hilton" - Google News
October 19, 2020 at 10:01PM
https://ift.tt/2TbBbTH
Greeley City Council to consider delaying collection of Hilton-DoubleTree property tax - BizWest
"hilton" - Google News
https://ift.tt/2GeMJPQ
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Greeley City Council to consider delaying collection of Hilton-DoubleTree property tax - BizWest"
Post a Comment