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Coles Together Angela Griffin, President & CEO 400 Airport Road Mattoon, Illinois 61938 Ph: (217)258-5627 or (217)348-5627 - Fax:( 217)235-9492 Email: angela@colestogether.com
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November 08, 2001 Convention bureau part of proposed TIF district BY CARL WALWORTH Mattoon City Editor MATTOON -A city- owned convention and visitors bureau is part of a new development proposal that includes a privately owned Hilton Gardens hotel, officials said Wednesday. Coles Together is working with the city on preparations necessary for a bond sale and formation of a Tax Increment Financing district to pay for the convention center that has a price tag estimated at $2 million. No real estate tax increase is associated with the Project. Rather, the taxes generated from the increased land value created by the hotel and convention center would be used to pay for the bonds. The hotel-motel tax revenue from the Hilton also would go toward paying for the convention center, which would be operated by the hotel. The Coles Together board committed $40,000 to help with technical support and legal costs related to securing financing for the city, said Bill Rowland, the president of the economic development group's board. Champaign lawyer Kurt Froehlich is advising the city on the financing and the TIF district. The proposal is to put the complex in part of the property on the south side of Illinois Route 16 and west of the Lerna Road that is owned by a local development group that includes Agracel Inc. in Effingham. The private part of the development hasn't been formally announced, but Rowland said ground breaking could come as early as next spring or summer if things come together. The 120-room hotel and conference center could open in 2003. The proposal is patterned after other ventures including one local officials toured in suburban Chicago. "It's a great project," Rowland said. "There are successful models for this we have looked at. Other hotels (in the area) benefit from the increase in tourism. It's a facility to draw more people to the community than if it didn't exist. "This could be an outstanding thing for the community, and Coles Together is proud to be part of that," Rowland said. "We're glad to help expedite things." The concept for the convention center is similar to one in Effingham with meeting rooms and a large banquet facility, though plans are for this one to I have a different exterior appearance. For the project to move forward, the city must be able to borrow $2 million and make acceptable arrangements to repay the bonds it would issue. And the city must put together the TIF district in which seven different taxing, bodies' would agree to forfeit revenue from the real estate "increment" generated by the development. The maximum life of a TIF district is 23 years. Rowland said officials have had preliminary discussions with affected taxing bodies. A public hearing is to be scheduled later . The issue has been discussed by Coles Together leaders for months but was first mentioned publicly Tuesday a1 the Mattoon City Council meeting. Contact Carl Walworth at cwalworth@jg.tc.com.
This is an artist's rendering of the proposed city-owned convention and visitors bureau that includes a privately owned Hilton Gardens hotel. Coles Together is preparing a bond sale and formation of a tax Increment Financing district to pay for the $2 million convention center. Used with permission from Mid-Illinois
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