The Redevelopment Authority is anticipating closing on the property deal for the downtown Centre City Hotel Project next week.
At a meeting Thursday, the authority passed several motions related to the transaction, which is scheduled for September 8 at 1:30 p.m. at the West Cunningham Street law offices of Solicitor Tom Breth.
One motion involved approval of a Redevelopment Contract and $3.4 million loan that the hotel development partnership will pay back to the bank. Another motion dealt with a $182,000 promissory note that will draw money out of a TIF loan for seven years and deposit that money into the hotel development project.
The City of Butler is waiting for this closing before they finalize an amount for their upcoming bond issue and take the final steps needed to finance their downtown parking garage, which will sit adjacent to the hotel. Those agreements are also planned for next week.
The post Centre City Hotel Plans To Be Finalized Next Week appeared first on Inside Butler County – Butler, PA.
