Finance Committee approves $1.3M in incentives for Hilton hotel in Portage County Business Park
STEVENS POINT – A new 91-unit extended-stay hotel is one step closer to reality after the city Finance Committee on Tuesday unanimously approved a development agreement and more than $1.3 million in incentives for the project.
Community Development Director Ryan Kernosky said city staff has been working for several months with Growth Hotels LLC on the agreement to build a Home2 Suites by Hilton in the Portage County Business Park. The committee also previously met in closed session to discuss the agreement, Kernosky said.
The Home2 Suites by Hilton would be located at 5511 John Joanis Drive, just north of Nicolet National Bank, formerly Investors Community Bank.
As part of the agreement, through a tax increment financing district the city would provide $500,000 in incentives upon 75% completion and $500,000 upon final occupancy, and then 50% pay-as-you-go incentives equal to about $315,000. The total city incentive for the project would be about $1.3 million, Kernosky said.
The incentive package is consistent with other hotel developments in the city, Kernosky wrote in city documents.
According to the proposed development agreement, construction would need to be completed within 18 months.
"A concern for many projects who have tried to come here before is often that they’ve said we don’t have enough rooms," committee member Shaun Morrow said Tuesday. "The Cobblestone is often full. The Holiday Inn is also full. This would be another great piece that we have so we can lure more and more events here."
The proposal will now go before the full City Council, which meets next at 7 p.m. Monday.
According to its website, Home2 Suites by Hilton is a mid-tier, all-suite, extended-stay hotel designed to offer stylish accommodations with flexible guest room configurations for cost-conscious guests and their pets. The hotels offer complimentary hot breakfast, innovative and customizable guestroom designs, laundry and fitness areas, free Wi-Fi, multiple outdoor spaces, 24-hour business centers, expansive community spaces and pet-friendly environments. Home2 Suites by Hilton has 560 open hotels with more than 630 in development.
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Stevens Point Journal Editor Jamie Rokus can be reached at jrokus@gannett.com or follow her on Twitter at @Jamie_Rokus.
This article originally appeared on Stevens Point Journal: Stevens Point Finance Committee approves $1.3M for Hilton hotel
