SIOUX CITY, Iowa (AP) - The City Council in Sioux City is considering more than $12 million in assistance for a $56 million project to convert two historic downtown buildings into luxury apartments and a nearly 150-room hotel.
Developer Lew Weinberg and St. Louis-based developer Restoration St. Louis plan to turn the former Warrior Hotel and Davidson buildings into a Marriott brand hotel.
The Sioux City Journal reports that the financial package would include a partially forgivable $5 million loan, a portion of the city’s share of hotel-motel taxes generated by the facility, property tax incentives, and reduced rates for city ramp parking.
The council could vote on the package Monday.
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Information from: Sioux City Journal, http://www.siouxcityjournal.com
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