City considers nearly $10-mil in financial incentives for Vranich hotel development

![](http://blog.joeycoleman.ca/wordpress/wp-content/uploads/Homewood_GIC_July9-300x326.png "Homewood_GIC_July9")An artists concept from the grant recommendation report
Hamilton city council will vote Monday on a package of financial incentives to support local developer Darko Vranich’s proposed Homewood Suites hotel at 40 Bay Street South.

As reported yesterday, council’s considering a conditional five-year interest-free residential loan commitment totalling $8,896,486 from the Hamilton downtown multi-residential property investment program. The program is designed to support new residential units in the downtown core. The  hotel’s suites inclusion of kitchenette’s means the units qualify for multi-residential investment loans.[module align=”right” width=”half” type=”aside”]


Coverage Elsewhere

July 9 – Hamilton Spectator


[/module]The hotel always qualifies for a $875,619.94 grant from the Hamilton downtown property improvement grant program for the development.

In total, Council’s considering $9,772,105.94 of incentives for the development on Monday.