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Hotel developers to receive reimbursement

Posted by wlpo on December 20, 2010

One of the most recent additions to Peru north end is the Holiday Inn Express.  It’s included in a TIF district, making developers of the hotel eligible to be reimbursed for a portion of what was spent to build it.

An agreement outlining what the developers, Peru Hotel Group, LLC will be paid received the green light from the Peru City Council last night.

Attorney Herb Kline handled the legal work for the city.  He says the project qualified for the TIF because of flooding and drainage issues on the land.

Developers will receive a 40 percent reimbursement as they pay property taxes on the hotel.  The most they can receive is one million 668 thousand dollars.  The reimbursement will come from the TIF fund.  They should begin receiving payments in 2011.

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