The board voted 3-2 Monday to approve buying a
"It's real," said Stiteler, manager of
Stiteler's plans call for a 147-room, eight-story hotel behind Hub restaurant.
The agreement doesn't require any money up front from the
To recoup its investment, the district would enter into a 30-year lease with the hotel to rent the garage at
In addition to the parking lot revenue, previous estimates showed the district would receive about
Stiteler is also seeking an eight-year property tax exemption from the city and an
Stiteler expects to break ground on the project in seven months, with the hotel opening its doors 15 months later.
Although a majority of the board supported the project, not every member agreed it was the best time to dedicate dollars to the project.
"It seems to me to be a quite complex deal," Moore said. He said he supports Stiteler's vision for
(c)2014 The Arizona Daily Star (Tucson, Ariz.)
Visit The Arizona Daily Star (Tucson, Ariz.) at www.azstarnet.com
Distributed by MCT Information Services