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( KNZA )-- Construction of a new national franchise hotel in Hiawatha moves another step closer.
The Hiawatha City Commission Monday evening approved an ordinance authorizing the issuance of up to 4 million dollars in taxable industrial revenue bonds for the project.
A Wichita developer plans to build a Best Western Plus Hotel on property located in the Longfellow Addition, east of McDonald’s. The city is providing property for the project.
The city will lease the facility to Hiawatha Hotel LLC, a Kansas limited liability company. The lease is set to expire October 1st, 2023 when the bonds are paid off.
Bond Counsel Kevin Cowan says issuance of the IRB’s will not obligate the city financially...( play audio )
The project will be exempt from ad valorem property taxes for ten years.
© Many Signals Communications
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Hiawatha, Ks 66434