Greensboro City Council members have approved a $1.975M incentive package for a luxury hotel in the downtown area.
GREENSBORO, N.C. -- Greensboro City Council members have approved a $1.975 million incentive package for a luxury hotel in the downtown area.
The council members voted 6-3 after a long discussion which included comments for and against the proposal from
about a dozen floor speakers.
The luxury hotel would be operated by Wyndham Resorts on the 200 block of Davie Street, next to the Elm Street Center.
Construction is expected to start this spring and be completed by August 2015.
The hotel is expected to be eight stories high with 180 luxury suites/rooms. It'll also include a four-story parking deck with 172 spaces.
The council has agreed to provide a $395,000 performance-based incentive over five years with the following conditions for the developer:
-Invest more than 32 million dollars.
-Create 168 full-time hotel jobs
-Give at least 20 percent of the construction jobs to minority and women-owned businesses in the area.
The measure passed 6-3 with Zack Matheny, whose district the project would be built in, being one of the dissenting votes.
Matheny says he's uncomfortable with the amount the city is pledging to the developer.
According to the city, this hotel will bring in $29 million from hotel guests, spending money downtown.
City leaders also expect more than $1.5 million in state, county and city tax revenue, every year from the hotel.