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Hotel to planning commission
McCOOK, Neb. -- Holiday Inn and Suites is eyeing construction of a three-story 80 room hotel in McCook at the corner of U.S. Highway 83 and West H Street.
The McCook Planning Commission will consider approving a redevelopment plan for the project Monday evening, 5:15 p.m. at the Municipal Center.
The project is estimated to cost in excess of $8.8 million and receive a $1.4 million in assistance from Tax Increment Financing. The targeted site has a 2016 assessed value of $68,824 and is anticipated to increase to $6,750,000 upon completion, according to the meeting agenda. It is anticipated to generate $134,000 in annual TIF proceeds.
The building will cover approximately 11,457 square feet on the ground floor of the 43,960 square feet redevelopment area.
The redevelopment plan leaves open the possibility for financial assistance from the City of McCook if it is determined by the city the private sector is unable to carry out improvements necessary for the project, such as demolition or removal of existing buildings, storm water drainage, sewer or other items.
By comparison, the 54-room Cobblestone Hotel under construction in McCook received a little more than $625,000 in TIF assistance as part of its $4.6 million redevelopment plan.