WAVERLY, Iowa (AP) - Officials in the northeast Iowa city of Waverly have approved tax rebates for a planned four-story downtown hotel.
The Waterloo-Cedar Falls Courier reports (https://bit.ly/1srFZ2Y) the Waverly City Council on Monday voted 6 to 1 to approve a development agreement that includes about $700,000 in rebates for the estimated $4.5 million project.
Cobblestone Inns and Suites, a Wisconsin-based chain, plans to build the hotel at the site of a home furnishing store.
The council agreed to rebate property taxes generated each year until the amount reaches 10 percent of the hotel’s assessed value or a maximum of $340,000.
The city also will repay the extra cost of using brick and stone for the hotel’s exterior, with the rebate not topping $375,000. Funding would come from a hotel/motel tax.
Information from: Waterloo-Cedar Falls Courier, https://www.wcfcourier.com
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