Some exciting news! A group of local investors is constructing a new hotel and conference center in downtown Greeley. However, with this $44.3 million collaboration between private developers, Greeley City government, and the Downtown Development Authority, a move of some City government downtown offices is necessary. Those moves have already taken place and the project is proceeding into the construction phase.
Here’s what we like about the project:
Hilton/DoubleTree Hotel - across the street from historic Lincoln Park, the Union Colony Civic Center, and the Recreation and Senior Activity Centers.
Hotel Operator - Providence Hospitality
- 147-room hotelw/14,000 sf conference center
- Full service restaurant; 24-hr room service
- Adjacent parking - 195+ spaces
- Indoor pool, fitness room, large ballroom, meeting rooms
- $44.3M total project cost
- City receives .8% property lease revenuesannually; $80,000 in year 6, growing thereafter
- DDA contribution for parking needs
- City advances the hotel $8.638M to be repaid from future TIF revenues*
- Return on investment:$11.3 million by year 13
- Developer pays a guaranteed minimum
*Tax Increment Financing (TIF) district - property taxes from new construction available to foster redevelopment
- Converts an obsolete government building into a tax-producing asset
- Attracts a high quality use and operator
- Adds a large conference space venue which will compete regionally
- Provides an economic development asset with a strong multiplier effect
- Yields a favorable return on investment for City government
At www.greeleygov.com/city-center you can find up-to-date information on both the hotel/conference center and the proposed Phase I of the new municipal government campus.
Roy H. Otto, City Manager