The Grand Forks council has advanced a plan for a boutique hotel in the downtown by recommending the Local Government Advisory Committee review the project.
The Olive Ann project is centered around two parts: renovation of the Edgewood Corporate Center and the hotel itself. The total cost has been reduced from $36.5 million to $25.6 million dollars.
Improvements to the Edgewood building would qualify for a five year Ren-Zone tax credit. The city is looking at granting the new hotel construction an additional ten-year tax break – with the final five at 80%.
City Administrator Todd Feland says moving the recommendation on to the LGAC is the next step. “As we set the public hearing we would have gone to both the county commission and school board to get their authorization. I am asking you to kick it forward.”
A public hearing date with the council on the tax plan is expected in January.
Picture: GF provided hotel rendering
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