TIF board agrees to pay hotel developer full reimbursement
Trinity Bluff Development Ltd. will receive a complete $206,864.08 reimbursement related to developing the Marriott TownePlace Suites hotel on East Belknap Street just west of downtown.
According to information compiled by the downtown TIF, Western International sold the hotel to Apple REIT Nine for $18.4 million on July 19, 2010. The value of hotel improvements since construction was completed totaled $15.4 million, the difference between the land sale price and the hotel sale price.
At the Nov. 28 meeting, the TIF board had four options: find Trinity Bluff Development in default in its TIF development agreement and pay it nothing; find that while Trinity failed to meet its commitments, it may be paid a prorated amount on the reimbursement under one of two scenarios; or find that Trinity “met the spirit of the development agreement” and be paid the entire reimbursement amount.
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