The IDA board reviewed an amended application from the developer, David Kessler. The amendments consisted of changes in the applicant's address (Kessler is now a resident of Hudson) and in some of the development cost numbers "to reflect the passage of time." The project is seeking a PILOT agreement with a graduated payment schedule over eleven years. Alderman Tiffany Garriga (Second Ward), who chairs the IDA, asked, "What happens in Year 11, when the PILOT runs out?" Kessler told her the hotel would be "stabilized, up and running, and the income would support the [property] taxes."
The board unanimously passed an inducement resolution, which authorizes a public hearing on the PILOT. It was decided that the public hearing would not be scheduled until the cost-benefit analysis was available. That analysis is expected to be completed by the end of this week.
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