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.