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Another Step Forward For Atchison Hotel

By Brian Hagen

03/08/2016

(KAIR)--It’s another box checked for Atchison Hospital Group’s to-do list before construction beings on Main Street Hotel. Finance Director and Assistant City Manger Becky Anderson, during Monday's meeting of the Atchison City Commission, laid out the city’s plan to issue industrial revenue bonds for the hotel development.

“The IRB’s will give them a 10-year property tax exemption and a sales tax exemption on the construction materials,” Anderson said. “So, in exchange for that, they will make a payment in lieu of taxes—25 percent of the property tax abetment in year eight; 50 percent in year nine; 75 percent in year 10. Then, it’s 100 percent after that.”

Anderson stressed there is no cost to the city in issuing IRBs.

Rather, the issuance cost and debt repayment is the responsibly of Atchison Hospitality Group, she said.

City Manger Trey Cocking added there is no risk to the city in issuing the bonds.

A public hearing was opened after Anderson’s presentation, but no citizens spoke up.

The commission passed the resolution authorizing the bonds 5-0. The resolution also approved the hotel franchise: a Holiday Inn Express.

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