TIRZ #1 board takes up Herring Hotel incentive: 10-year tax reimbursement and up to $900,000
The board considered a developer agreement with Herring Hotel Partners, LLC to turn the historic Herring Hotel at 311 SE 3rd Ave. into a hotel of about 200 rooms. The draft agreement provides 100% reimbursement of the property's tax increment for 10 years and a one-time grant of up to $900,000 for facade and infrastructure work, if at least $90 million is invested. NewsChannel 10 reported that the board voted to fund up to $900,000.[1][2][3]
The draft TIRZ #1 agreement with Herring Hotel Partners, LLC provides 100% annual reimbursement of the property's ad valorem tax increment for up to 10 years and a one-time grant of up to $900,000 for facade and infrastructure work after a certificate of occupancy, contingent on at least $90 million of private investment, a building permit within 15 months of council approval and a certificate of occupancy within three years of the permit; the zone would also reimburse the City up to $244,000 to clear a federal transit interest on City-owned property committed to the project.[1]
Grant max
$900,000
Min investment
$90,000,000
City reimbursement max
$244,000
Reimbursement
100%
Unverified
NewsChannel 10 reported that the board voted to fund up to $900,000 for the renovation over a 10-year agreement; the outlet's follow-up did not report a vote tally. No fetched source gives the board's recorded vote or a council approval date.[2][3]