The Hampton Project Municipal Development Plan was written by staff at the
Winston took over the abandoned, nearly complete, hotel project last May, but the building had been subject to three years of vandalism, metal thieves, weather damage and deterioration after the project was abandoned in 2010 by the previous developer.
The Municipal Development Plan is the required first step if the city plans to go forward with the request for tax increment financing -- in which property taxes owed to the city would instead be used to pay off the bonds. Winston has asked that
The plan has been posted to the NCDC website, www.askncdc.com/programs-incentives/hampton and is available at the NCDC office at
The city still would receive a small portion of the annual real estate tax revenue over the years, and all of the personal property taxes on hotel equipment. The city also would receive utilities revenue to
Winston also hopes to obtain
Mayor Deberey Hinchey said Wednesday she has just started to review the report and the calculations for what the city might receive in future taxes and other revenue. She said she has questions about the request -- including the future of the hotel market in the region -- and whether this would be a good deal for
The developer has said without the commitment of future city tax revenue, the project would not go forward, and eventually, the derelict building would have to be torn down.
"The thing I'm concerned about is the property tax benefits," Hinchey said. "... I want the thing done, but I can't do it if it doesn't make sense for
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