July 23, 2014 at 2:10 p.m.
EDIT loan requested for hotel (08/24/07)
Jay County EDIT Advisory Committee
By By TRAVIS MINNEAR-
The developer of a hotel that recently broke ground in Portland has already received a 10-year tax abatement from the county.
Now he's asking for a loan.
Scott Daniels, president of Stay Jay Hotels LLC and proprietor of a Holiday Inn Express to be located on West Votaw Street, asked this morning to borrow $100,000 from Jay County's Economic Development Income Tax fund.
The Jay County EDIT Advisory Committee, which makes recommendations on EDIT requests to county government, said it planned to form a subcommittee before voting on the recommendation.
The total cost of the project will be $5.2 to $5.8 million, and the loan would be used to cover costs during construction and the first year of operation, Daniels said.
The facility will have modern accommodations, including more than 70 rooms, a pool and high-definition televisions.
"This will be a state-of-the-art Holiday Inn Express," Daniels told members of the Jay County EDIT Advisory Committee.
"It will probably be one of the nicest in the state of Indiana."
Daniels asked the committee to recommend approval of a 36-month interest-only loan, with the option for an additional five-year loan that includes interest and principal.
Daniels said he could repay the initial loan sooner if his company is able to sell at least one of two lots on the 8-acre property near the Wal-Mart SuperCenter.
Jay County Commissioner Milo Miller Jr., also a member of the EDIT committee, was not so sure about the proposed length of the deal.
"I don't think it ought to drag out more than five years from start to finish," he said.
His statement received some support.
Members created a subcommittee to examine Daniels' request and report findings back to the full group at a later date. Jim Zimmerman, Ramon Loucks and Jay County Auditor Freda Corwin volunteered to serve.
Jodi Scott, interim chair of the EDIT advisory committee, said Duane Sautbine of First Merchants Bank will be asked to participate and offer the group advice.
Once a decision is reached, the group will make suggestions to the full committee, Corwin said. Jay County Commissioners also must approve the matter before it goes to the county council for the final decision.
"I think we do need to do it properly and bring it before county council," Corwin said.
Members of the advisory committee voted unanimously to bring the issue to the attention of commissioners, who will be asked to approve the request, pending the EDIT committee's decision. Scott said this will be done because local officials want to have the county council vote on the issue in September.
Scott said if the measure is approved by all necessary parties and "everything goes correctly" Daniels should have the money he desires sometime in October.
Construction on the Holiday Inn Express is expected to be complete in the summer of 2008, Daniels said.[[In-content Ad]]
Now he's asking for a loan.
Scott Daniels, president of Stay Jay Hotels LLC and proprietor of a Holiday Inn Express to be located on West Votaw Street, asked this morning to borrow $100,000 from Jay County's Economic Development Income Tax fund.
The Jay County EDIT Advisory Committee, which makes recommendations on EDIT requests to county government, said it planned to form a subcommittee before voting on the recommendation.
The total cost of the project will be $5.2 to $5.8 million, and the loan would be used to cover costs during construction and the first year of operation, Daniels said.
The facility will have modern accommodations, including more than 70 rooms, a pool and high-definition televisions.
"This will be a state-of-the-art Holiday Inn Express," Daniels told members of the Jay County EDIT Advisory Committee.
"It will probably be one of the nicest in the state of Indiana."
Daniels asked the committee to recommend approval of a 36-month interest-only loan, with the option for an additional five-year loan that includes interest and principal.
Daniels said he could repay the initial loan sooner if his company is able to sell at least one of two lots on the 8-acre property near the Wal-Mart SuperCenter.
Jay County Commissioner Milo Miller Jr., also a member of the EDIT committee, was not so sure about the proposed length of the deal.
"I don't think it ought to drag out more than five years from start to finish," he said.
His statement received some support.
Members created a subcommittee to examine Daniels' request and report findings back to the full group at a later date. Jim Zimmerman, Ramon Loucks and Jay County Auditor Freda Corwin volunteered to serve.
Jodi Scott, interim chair of the EDIT advisory committee, said Duane Sautbine of First Merchants Bank will be asked to participate and offer the group advice.
Once a decision is reached, the group will make suggestions to the full committee, Corwin said. Jay County Commissioners also must approve the matter before it goes to the county council for the final decision.
"I think we do need to do it properly and bring it before county council," Corwin said.
Members of the advisory committee voted unanimously to bring the issue to the attention of commissioners, who will be asked to approve the request, pending the EDIT committee's decision. Scott said this will be done because local officials want to have the county council vote on the issue in September.
Scott said if the measure is approved by all necessary parties and "everything goes correctly" Daniels should have the money he desires sometime in October.
Construction on the Holiday Inn Express is expected to be complete in the summer of 2008, Daniels said.[[In-content Ad]]
Top Stories
9/11 NEVER FORGET Mobile Exhibit
Chartwells marketing
September 17, 2024 7:36 a.m.
Events
250 X 250 AD